How much does a heat pump cost? | The Renewable Energy Hub

Heat Pump Cost


How much does a Heat Pump cost?

The costs of heat pump systems can vary significantly between system size, manufacturer and type, with the less effective air source pumps also costing less than the ground source variety. On average across the US you should be looking to spend around $10,000 for an air sourced heat pump and $30,000 for a ground source.  

Installations costs may be higher depending on your property’s specifications, such as, for example, if the installation requires the digging of a deep borehole for vertical tubing.

If you wish to make the best use of the heat pump and install under floor heating, this will cost around $5,000 depending what labor and installation costs are involved.

There are also running costs that must be considered, since the pumps require electricity in order to operate. This can be calculated using the system’s total efficiency and your property’s energy needs and can add a few hundred dollars onto the total price.

There are various tax rebates and state incentives available that can reduce the cost of installation for heat pumps and many regions offer low interest loans and grants for residential, commercial and municipal projects.


Finance options for Heat Pumps

There are a number of companies offering finance for heat pump systems in the United Kingdom. Finance, in the form of loans and leasing agreements, is available for domestic, commercial and industrial installations, in both the private and public sectors. Finance for renewable energy technologies allows customers to avoid large upfront costs and make payments out of the income earned from Feed-in tariffs, as well as energy bill savings.

Finance may be offered on a range of bases, each offering varying levels of financial risk and reward, as well as varying interest rates. Typically the finance company will provide the renewable energy technology and the cost of installation in return for payments spread over a period of time. Depending on the type of agreement, the client may either come to own the technology at the end of the period, it may be sold by the company with the proceeds being split between client and company, or the company could retain it.

The arrangements offered by finance companies will vary, however, and each company will offer different advice. It is therefore advisable to obtain quotes and agreement terms from a range of companies, based on clients’ energy needs and financial situation. Caution should also be taken when calculating one’s ability to make repayments, as the returns offered by some renewable technologies depend in large part on the weather.

Look here for some UK companies offering finance for heat pump technology.

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