£5k for a heat pump. Isn't that generous?
Probably the biggest announcement from the government in the run up to the autumn budget and CPO26 was that from April next year they will give people in England and Wales £5000 towards the cost of installing heat pumps. At least until the money runs out - £450 million has been allocated so that would be 90,000 homes out of the 25 million homes estimated to have gas boilers. Unfortunately they forgot to mention (and hardly anyone in the media seemed aware, when they were passing the news on) that the current Renewable Heat Incentive scheme will close in March. I went to the government's Renewable Heat Incentive (RHI) calculator and checked what is currently on offer, anywhere in the UK, for a heat pump in a typical home - a well-insulated three-bedroom 1980s semi with gas central heating. The RHI payments for an air-source heat pump would be £5320 or, for a ground-source heat pump, £11,200, payable in quarterly installments over seven years. That's right, that'...