NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Heat pump grant upped by fifty per cent in England and Wales

Published 23/10/2023, 08:48
© Reuters.  Heat pump grant upped by fifty per cent in England and Wales
GBP/USD
-
NG
-

Proactive Investors - Grants aimed at encouraging the uptake of heat pumps in England and Wales have been boosted by 50%, the government has announced.

Households are now being offered up to £7,500 by the government towards the cost of new air source heat pumps under the boiler upgrade scheme, a Monday statement said.

This comes after the previous grants of up to £5,000 failed to encourage mass uptake of the technology, which can be more environmentally friendly than alternative gas-burning boilers.

By compressing air taken from outdoors and circulating it through homes, heat pumps use electricity to provide warmth rather than by burning gas, meaning they can be greener if using cleaner energy.

Heat pumps are seen as key in aiding the phase-out of gas boilers in the UK by 2035, though plans to target installation of 600,000 units a year come 2028 has faced scrutiny.

According to the National Infrastructure Commission, high upfront costs of buying and installing heat pumps have put people off, alongside a lack of clear information.

Given an estimated eight million buildings will need to make the switch by 2035 for the UK to hit its 2050 net zero target, the commission recommended last week that more be offered under the scheme.

“No one should have to choose between cutting costs and cutting emissions,” energy secretary Claire Coutinho said.

“We can continue to deliver on our ambitious net zero targets without unfairly hitting the pockets of hardworking families.”

Read more on Proactive Investors UK

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.