Heat Pumps and the Cost of Living: Can They Help You Save?

A new survey by Octopus Energy reveals that 86% of UK households with recently installed heat pumps were happy with their performance during the extreme winter conditions in early January. With feedback from over 1,700 participants, the study highlights the growing trust in heat pumps as a reliable home heating option.

The findings also show that 63% of former gas boiler users noticed an improvement in comfort after making the switch. Additionally, 83% of respondents said they would recommend heat pumps, reflecting their positive experience with the technology.

Along with their efficiency, heat pumps are becoming more affordable. Thanks to the £7,500 Boiler Upgrade Scheme (BUS) grant, the installation cost of a heat pump is now similar to that of a new gas boiler. Special energy tariffs also make them more cost-effective to run. Octopus’ ‘Cosy Octopus’ plan helps customers save £315 annually on heating compared to those using standard gas tariffs.

Cost savings are a key factor for many homeowners, and the survey found that 69% of heat pump users reported lower or equivalent running costs compared to their previous gas boiler.

To reduce expenses even further, the government is considering removing environmental and social levies from electricity bills. This change could make clean energy more affordable and encourage more households to adopt heat pumps.

Alex Schoch, Global Director of Clean Tech at Octopus Energy, shared his thoughts:

“As temperatures plummeted, heat pump performance soared. This survey confirms what customers tell us every day: heat pumps are just as good if not better at keeping their houses cosy, and our innovative tariffs mean they’re better for wallets too.

“Even when snow and sleet were dumped across the UK, heat pumps remained robust and proved themselves as a cost-effective alternative to gas boilers.”