HEAT PUMP - RUNNING AND INSTALL COSTS VERSUS GAS

EV Channels Review

This video provides a detailed, data-driven update on the long-term running and installation costs of a heat pump compared to a traditional gas boiler. The reviewer, EVM, presents two months of actual usage data, comparing electricity consumption for the heat pump against gas consumption from the previous year, adjusted for temperature differences. Key findings indicate that while the heat pump is more efficient (COP of 3.1 for hot water and 4.8 for heating), its running cost on the standard price cap was only slightly lower (£126 vs £135) than a gas boiler. However, when factoring in a specific Octopus Go tariff, solar panels, and a home battery system, the actual cost dropped significantly to £55 over two months. The installation cost is a major hurdle, with the heat pump system being approximately £6,000 more expensive than a new gas boiler, even after a £5,000 grant. Despite the high upfront cost and a projected payback period of 10-12 years (or more conservatively, £450-£550 annual savings), the reviewer emphasizes the decision was not purely financial but also driven by a desire to eliminate gas usage. The reviewer debunks myths about needing a highly insulated house, stating that while insulation helps, the system can work with standard radiators and existing home structures. Overall, the heat pump is described as a positive addition, offering a more comfortable and stable home temperature, and providing a sense of future-proofing against rising gas prices, though it's acknowledged not to be a solution for everyone due to cost and installation complexities.