The demand for heat pumps is surging due to intense competition among providers, resulting in reduced installation costs.
In February, Octopus Energy introduced a cost-effective heat pump model priced at £2,500 after factoring in the Boiler Upgrade Scheme discount.
According to data released by the Department for Energy Security and Net Zero, monthly heat pump installations have been consistently increasing by approximately 10%.
The Energy and Climate Intelligence Unit (ECIU) warned that if this upward trend continues, there will be approximately 150,000 heat pumps installed by the end of the Boiler Upgrade Scheme, leaving a shortfall of over 50% in vouchers.
Jess Ralston, representing the ECIU, emphasized that the government must consider enhancing the scheme in order to meet the soaring demand. Failure to do so could lead to increased reliance on gas imports for heating purposes.
Ralston further explained, “Given the projected decline in North Sea gas reserves, it is imperative that we swiftly transition away from gas boilers to avoid escalating dependence on foreign gas imports.”
In response, a representative from the Department for Energy Security and Net Zero disputed the analysis, stating, “We maintain that vouchers will remain available throughout the next year. Furthermore, the scheme will be extended until 2025, with additional funding each year until 2028. We are confident in achieving our target of 600,000 heat pump installations.”
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