We are all conscious of the damaging effects of global warming. It is not only net zero targets that are prompting UK homeowners to consider switching from fossil fuels to renewable energy sources to power and heat their homes, but one major barrier is the cost.
Although we know that gas, oil, and solid fuel heating systems are harmful to the environment, there is little value for money argument for replacing them if they are already installed and working effectively. The UK public is cash-strapped and government incentives and subsidies are falling far short of the actual cost of installing air source heat pumps and solar panels, despite the best efforts of installers such as https://gsmlimited.com/services/air-source-heat-pumps/.
Why cost is a barrier
Air source heat pumps are a reasonably new technology; as such, they still attract high purchase and installation costs. They also work most effectively on modern, well-insulated homes, so those wishing to retrofit them in older properties must also bear the cost of updating their windows, doors, and insulation to feel the benefits
Not only are air source heat pumps expensive to buy and install but also they use electricity to operate. As electricity is more expensive than gas, this makes them expensive to run. At present, early adopters have tended to be affluent, eco-conscious, or technology enthusiasts. Unless a better way is found to financially incentivise uptake, they will continue to be in the minority.
How can funding be made available?
What is needed to encourage the adoption of renewable energy across the majority of the UK’s domestic infrastructure is low-cost, long-term financing, akin to vehicle financing. It isn’t good enough for homeowners to have to rely on credit cards and secured loans to upgrade their home’s energy efficiency status.
Ultimately, what is needed is a tangible commitment from the government to not only reduce our impact on the planet but also on customers’ bank balances. We can only hope that the new Great British Energy company will develop appropriate financing to make renewable energy accessible to all.
