Friday 2 February 2024

OVO and Vaillant partner to slash heat pump running costs

OVO and Vaillant partner to slash heat pump running costs

OVO and Vaillant have announced a new partnership, introducing an initiative to address the high running costs associated with heat pumps in the UK.

Heat Pump Plus, coupled with the government's £7,500 Boiler Upgrade Scheme (BUS) grant, aims to alleviate financial barriers and promote the adoption of cleaner heating alternatives.

Launched on Thursday, the scheme offers a rate of 15p per kWh, potentially saving users £495 annually.

The dual rate system distinguishes between heat pump usage and household energy consumption, providing an economic incentive for adopting low carbon heating technology.

Recent survey results show that 78% of respondents consider running costs a significant hurdle to heat pump adoption, with 85% expressing willingness to switch if operational expenses were reduced.

Mat Moakes, Chief Commercial Officer, OVO said: "The UK is trailing far behind Europe on its heat pump installations. Yet our data shows that when paired with innovative tariffs to reduce the cost, alongside the BUS, the uptake increases while rewarding early adopters."

Henrik Juhl Hansen, Managing Director UK & Ireland, Vaillant, said: "This new proposition will change the landscape for business and consumers looking at decarbonising their home heating."

Written by

Sumit Bose

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