When will heat pumps and install prices come down?
I am currently thinking about having a heat pump installed. Is now a good time? My current gas boiler is actually quite new so could run for at least 6-8 more years, but in that time does anyone see the cost of heat pumps and installs coming down by a lot more than the offset of the BUS grant? It took a very long time for solar prices to drop. Batteries much less so but that's thanks to EV's I think. Government grants are a double edged sword, but I think as adoption is slow we still have long way to go we get enough efficiencies of scale. I'm just wondering what peoples views are from those that have been involved for a lot longer than my few weeks of poorly researched you-tubing!
I can't say for certain, but on my analysis it's not the heat pump itself, but the changes to the heating system that are the cause of the high upfront costs.
Yes a heat pump itself is more expensive than a boiler, I reckon a boiler for my house is maybe £1500 (uninstalled) and a heat pump is £3500 (uninstalled). Surely as economies of scale kick in, the heat pumps should get somewhat cheaper.
But it's the problem of finding an outside location, piping that into the home with expensive 28mm copper pipework, adding or replacing a hot water cylinder which run from £1200 upwards depending on size, replacing radiators all goes into the majority cost variance. I don't see those costs changing much, pipework, labour etc. are not going to get cheaper.
One thing I'm not sure about is expertise, heat pumps need a lot more design, and that's in short supply, so maybe that could be cheaper as time goes on and they reach a mass market.
What I am betting on is replacing the first heat pump when it eventually dies will be a doddle, and just as cheap as replacing a boiler would be now.
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