Octopus Energy have reported that in 2024 they received enquiries from more than 200,000 homeowners regarding the installation of a heat pump.
This represents a 144% increase on 2023, an encouraging indication that enthusiasm for the technology is growing.
In their 2024 Progress Report, the Climate Change Committee asserted that by 2023, around 10% of existing homes in the UK will need to be heated by a heat pump, compared to only approximately 1% today.
However, things are heading in the right direction, albeit at a pace that needs to accelerate further. According to data from the Microgeneration Certification Scheme, heat pump installations have nearly quadrupled over the last five years:
- 2020: 15,273
- 2021: 29,508
- 2022: 32,927
- 2023: 40,426
- 2024: 57,895
Octopus are bullish that, given the exponential growth in consumer demand, the UK government’s annual target of 600,000 new heat pump installations by 2028 could be met.
Recent research by KPMG found that 49% of UK consumers were keen to invest in low-carbon heating solutions but many of those would need a tangible financial incentive to do so, although the £7,500 grant from the Boiler Upgrade Scheme (BUS), means that the costs of getting a heat pump are now on par with a new gas boiler.
To further drive down running costs, the government is thought to be considering removing social and environmental levies from electricity bills which could save consumers up to £300 a year.
Alex Schoch, Global Director of Clean Tech at Octopus Energy at Octopus Energy, said: ‘With over 200,000 inquiries in just one year, it’s clear that the UK is at the cusp of a heating revolution.
‘The appetite is there, British homeowners are hungry to go green. But the industry must step up and demystify heat pump technology to help people make informed choices.’
Octopus has already invested over £75 million to speed up the rollout of heat pumps, including the establishment of an R&D and engineer training centre for heat pumps in Slough – the first such facility in the country.