Awareness of savings could boost the use of heat pumps

MANY households may switch to a heat pump if they had a better idea of how much money it could save them over the longer-term in running costs, a report indicates.

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Banking and finance industry body UK Finance, which released the findings, said a blend of targeted policy measures is needed to encourage homeowners, landlords, and housing associations to retrofit their properties with “green” technology.

Its Unlocking Demand for Green Home Finance report used YouGov research to show the attitudes of UK consumers specifically towards heat pump technology.

It said the UK needs to install around 1.5 million heat pumps per year by 2035 to meet its carbon reduction goals.

The research indicated that 54% of people felt the main barrier discouraging them from getting a heat pump was the up-front cost.

But 44% said they would switch if they were provided with a clear idea of the savings in running costs.