In the Governments recent announcement about the UK’s net zero targets, it was announced that the Boiler Upgrade Scheme Grant will increase to £7,500 from late October 2023.
This is very positive news for homeowners looking to take advantage of heavily subsidised funding to go green and replace fossil fuel heat sources. If you are a homeowner or landlord with the motivation to choose renewable energy to power your property, investing in heat pump technology can be a good move.
The Boiler Upgrade Scheme was launched in 2022 and is set to run until 2026. There are only two qualifying questions to ensure you are eligible for the grant: Do you own the property in which you would like to install a heat pump? Do you currently use gas, oil, or electricity to heat your home? Provided you haven’t already invested in a renewable heating source, you will be eligible for the grant award.
The application process is simple, it is the installers responsibility to apply for the grant on your behalf, therefore, you do not need to worry about complicated grant applications. Once the heat pump has been installed, you pay your contribution, and the installer redeems the grant payment for the difference and is paid directly by the Government. For example, if you are quoted £12,000 for a heat pump, you pay the installer £4,500 and the installer receives the remaining £7,500 directly from the Government.
This funding is a part of the UK’s net zero ambitions to migrate towards renewable energy sources. In addition, it reduces reliance on fossil fuels such as oil and gas and means that the supply chain for heating our homes is less compromised by political and supply chain turmoil such as conflict, pandemics, and a shortage of fossil fuel sources. Most homes are suitable for a heat pump and with the Boiler Upgrade Scheme offering a generous contribution, it is the best time to invest in this type of technology for heating your home, particularly as grant funding almost certainly reduces over time.
