Heat Pumps Today

Info www.hiber.com www.acrjournal.uk/heat-pumps 19 T R A I N I N G area. Industry collaborations are required to remove barriers currently in place, and heat pump purchases can be made more easily if installers and their customers have a choice of payment options. Without this – and considering the cost-of-living crisis – the growth of the heat pump market will slow down, stopping installers from profiting from heat pumps and decelerating the nation’s progress towards net zero. The Financing Necessity The heat pump market has already experienced tremendous growth in the past decade. Though a sizeable portion of this growth is attributed to government-sponsored programmes, including the now-inactive Renewable Heat Incentive, the market is anticipated to continue expanding. These predictions are based on the approximately 47,000 heat pumps installed in residential buildings since 2010 and the well-publicised government goal for 2028. Additionally, the cost-of-living crisis and the general trend towards products that save money and energy is making the technology more popular. Where once, heat pumps were exclusively used for commercial and industrial applications, they are gaining popularity in the residential market too. Although there is no shortage of data demonstrating the cost-e…ectiveness of heat pumps, many homeowners may find replacing their conventional boiler too expensive in the event of a breakdown. Upgrading to an air source heat pump without access to financing is unworkable for most. Installers who can provide financing have a clear advantage, especially given that 72% of families already say that the cost is a key obstacle for most home renovation projects. With the cost-of-living crisis ongoing, this number is likely to rise over the coming months. Greater access to financing is essential for customers wanting heat pump technology for their home, given purchasing and installation cost. Without more flexible, longer-term payment options, installers will not be able to take advantage of the market potential. Installers' Possibilities Independent installers who can provide consumer financing for heating installations can potentially advance the industry toward the government's Net Zero goals, alongside lessening the impact of homeowners' rapidly rising energy bills. They can also take on more projects from the anticipated heat pump installation boom. Government assistance presently available may help encourage energy-eŽcient heating, but these advances can only be accomplished if more installers o…er customers accessible payment options. While some independent installers might be able to provide these kinds of services, historically only major national companies with the necessary financial credentials, like British Gas, have had access to consumer loan packages. Thankfully, there is now an easier way for customers to pay for a heat pump installation that would have otherwise been out of their price range. Partnership Potential Industrial partnerships are another vital element of residential uptake of heat pumps. Recently, it was made possible for heat pump installers to provide flexible payment options thanks to a partnership between Daikin and hiber. Because it allows consumers to make significant upgrades to their home heating system without the upfront payments, this alliance has the potential to fundamentally alter how households access and pay for heat pump technology. If an installer is licensed by Daikin, they can o…er their customers payment options for heat pump and air conditioning installations accessible via the hiber platform. This partnership is a significant and much-needed step towards the UK’s heat pump installation goal, but there is still more to do. Consumers must be able to stretch the cost out over several years if the government is to meet its aim of installing 600,000 heat pumps by 2028. The way the heat pump market is trending shows that many homeowners are willing to invest in a heat pump but lack the financial means to do so. This puts a massive burden on the industry to find innovative new ways to finance the technology and improve a…ordability for homeowners. Once these financing options are available, uptake of heat pumps will undoubtedly increase. This collaboration between companies is a critical step in the right direction for making heat pumps an a…ordable option for households. Making a change now is especially advantageous because of government incentives, such as the Boiler Upgrade Programme and the current 0% VAT on heat pump installations. Although heat pump technology has a lot of potential, the industry will not thrive if prospective customers cannot a…ord it. By working with hiber, installers may establish themselves as a major resource for homeowners looking into environmentally friendly heating solutions or ways to reduce energy bills. Heat pumps will become more and more popular as the nation intensifies its response to the climate issue, so installers should start preparing now to meet future needs.