Ovo has launched the cheapest heat pump rate on the market, potentially reducing household costs by 50%.
With Ovo’s new programme Heat Pump Plus, it will be £500 per year cheaper to heat the average home, reducing costs associated with running a gas boiler.
The programme comes as research shows home heating systems are currently responsible for 11% of greenhouse gases nationally.
The government aims to install 600,000 heat pumps per year within five years to hit its climate change targets, but rates are currently around 11% of the original goal.
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Research conducted by OVO shows that nearly half of the population (45%) would install a heat pump if running costs were 40% cheaper than today’s average rate. That equates to almost 12.7 million homes – far surpassing the government’s target and helping the UK reach net zero quicker.
Ovo chief commercial officer Mat Moakes said: “By halving the running costs of a heat pump, we’re helping to level the playing field between gas boilers and heat pumps, making them a more viable option for those wanting to make the green switch to electric.”
“But this has to be the case across the board. It’s time to shift policy costs from electricity to general taxation so everyone can benefit from greener, cheaper electric heating systems, sooner,” Moakes added.
