Heat Pumps Today

18 Many households will still need to pay around £8,000 to invest in a heat pump despite initiatives such as the Government's Boiler Upgrade Scheme providing £5,000 subsidies. Here, Ryan Harmer, Managing Director of hiber, explains why it is becoming increasingly critical for heating experts to provide financing choices to clients, and details necessary procedures for sole proprietors and SMEs. December | January 2023 Ryan Harmer The objective of installing 600,000 heat pumps annually by 2028 is unquestionably a huge and ambitious one, especially considering that the median heat pump installation costs around £13,000. Even while government incentives of up to £5,000 exist to help homeowners with upfront expenditures, a growing body of research indicates more work must be done to promote uptake, particularly when it comes to funding. As technology has improved over the years, it is becoming more aordable for homeowners to install a heat pump What Installers can do about the £8,000 shortfall left by the Government’s heat pump scheme T R A I N I N G on their property. While heat pump costs have shrunk somewhat, they are still prohibitively expensive for most households. A great many homeowners would have to pay around £8,000 even with the Government grants, however, research has shown that almost one third of UK residents have less than £1,000 in savings. This means that making a purchase at that price is all but impossible. The Government's annual heat pump installation goal has come under scrutiny recently, partially because financing choices for consumers are lacking in this