Heat pumps could be cheaper than boilers to install through Octopus and Lloyds partnership

Octopus Energy Trains Heat-Pump Installation Teams At Facility In Slough
(Image credit: Getty Images)

Octopus Energy says households could theoretically have a heat pump installed for around £2,000 under a new scheme it is launching with Lloyd Banking Group.

The energy supplier wants to make air source heat pumps (ASHPs) and ground source heat pumps (GSHPs) more affordable for homeowners in the UK. The low-carbon heating systems can be prohibitively expensive for some households, even with government funding, with ASHPs costing up to £17,000 and GSHPs up to £19,000 and higher, according to EDF Energy.

Jack Woodfield
News Editor

Jack has worked in journalism for 11 years and was the News Editor for Homebuilding & Renovating from 2019 until the beginning of 2023. He strives to break the most relevant and beneficial stories for self builders, extenders and renovators, including the latest news on the construction materials shortage and hydrogen heating. In 2021 he appeared on BBC's The World at One to discuss the government's planning reforms. 

He enjoys testing new tools and gadgets, and having bought his first home in 2013, he has renovated every room and recently finished a garden renovation.