The cost of a heat pump can vary between £9,000 and £17,000 depending on the size of the home and insulation qualities.
For a typical three bedroom semi-detached house with reasonable insulation levels, savings could be around £650-£750 a year. This is taken from the annual bill of heating both your home and water.
As with all running costs, it’s a different case for every home. As heat pumps use electricity, costs will go up slightly in that area.
Combining underfloor heating with a pump is much more energy efficient as water will not have to be heated to a higher temperature. If this is not possible for whatever reason, then use larger radiators.
The savings you’ll make depends fully on what heating system you were previously using. A system with low efficiency would have increased annual bills, so you’ll save more with a heat pump.
Heating your home at a higher temperature than with the old heater will provide more comfort, but bills could be greater. We would therefore suggest sticking with the same pattern as before. It’s advised that thermostats should be set between 18 and 21 degrees.
If the system is expected to provide warmth for your home and water, the extra provision of hot water can lower efficiency. This would make running costs higher.
In order to reduce CO2 emission even further, consider using a solar water heater.