Octopus Energy and Lloyds Banking Group have announced a pilot scheme to bring a new heat pump offer to UK households to help cut bills and decarbonise heating.

Under the scheme, Halifax mortgage customers can get a heat pump installed for as little as £2,000.

The installation price of £2,000 is based on Octopus Energy’s typical cheapest install price of £3,000 (after the £5,000 government Boiler Upgrade Scheme grant) and includes a £1,000 Lloyds Green Living Reward.

“Lots of homeowners who need to replace, or want to upgrade, a gas boiler may have considered the switch to a heat pump but see the cost as a barrier. This extension to our Green Living Reward scheme will make switching from a gas boiler to a new, more efficient, cheaper to run heat pump easier and more affordable than ever before.”

Jas Singh, CEO Consumer Lending, Lloyds Banking Group

The scheme, when used in conjunction with a £5,000 government Boiler Upgrade Scheme (BUS) grant, could mean heat pumps for some homes will cost less than many gas boilers – Boiler Central quotes an average UK combi boiler installation costs £1,800.

For homeowners considering moving to a heat pump, an energy assessment from experts will help assess whether upgrades are needed to the fabric of your home. This can add to the overall cost significantly, however, you’ll need to be aware of this otherwise you’ll pay more for a larger heat pump that works harder and wastes energy.

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