Heat pump running costs can vary depending on:
- Whether your radiators are appropriately sized.
- Your electricity tariff.
- How the heat pump is controlled.
How much you could save on your energy bills also depends on what heating system you’re replacing.
At the moment, they generally cost slightly more to run compared to new gas and oil boilers.
This is because electricity is around four times more expensive than gas or oil.
But, because heat pumps are so much more efficient, as electricity prices change over time, we expect to see these savings improve. And if you’re replacing any other kind of heating system, you should see savings on your energy bills.
Here are the potential annual savings of installing a standard air source heat pump, including any recommended radiator upgrades, in an average sized, three-bedroom semi-detached home.