How much can you save with a heat pump?
Heat pumps save you money by pumping free outdoor heat into your home, instead of burning expensive fuels for heat. However, they do require electricity to operate, so savings are substantial but not 100%.
The exact amount you can save depends on two things: Your current heating system and your current energy bills. With oil or gas heating, it’s possible to reduce your heating bills by around 50%. On the other hand, those who are currently using electric heating can reduce their heating bills by around 75% with a heat pump.
This is all assuming you have a well-insulated home. Unfortunately, heat pumps do not work well in poorly insulated homes.
Standing charge savings of gas to heat pump switch
The savings calculator is based on energy unit costs only. However, swapping a gas boiler for a heat pump can also eliminate your gas standing charge, for an extra bonus of around €200 per year.
In the case of oil heating, you’ll save yourself the hassle of filling your tank. Plus free up outdoor space where the oil tank once stood.
What about servicing costs?
Annual servicing for a heat pump costs around €80 per year – about the same as an oil or gas boiler.
What about performance?
The biggest benefit of heat pumps is not saving money – it’s greater thermal comfort. This is because pumps provide steady 24-7 warmth – making your home a cosier and more comfortable living space.
A heat pump can also provide low-cost hot water for showering, baths, and taps. All without any smells, fumes, or risk of carbon monoxide.