Plans to install heat pumps predicted cost of £115bn

Plans to install heat pumps predicted cost of £115bn: The planned switch by the UK government, to go from gas boilers to heat pumps has the potential to cost taxpayers £115 billion.

These findings come from the Taxpayers’ Alliance, their research predicts that if the project to swap out boilers for heat pumps in over 23 million homes that current bill payers would be hit hard by the swap.

The government currently offers a grants of £5,000 to people who swap now.

However, their estimations place the price of a swap over costing a total of £18,000 but this does include the costs of: Income tax freezes, council tax, national insurance and the new price caps.

The current government goal sets the install rate to be 35,000 heat pumps a year for 600,000 target by 2028.

“The cost of living crisis is already being made worse by tax rises & green levies, so taxpayers cannot afford more unexpected demands on their cash. Before any big decisions are made, politicians must come clean on the cost of green.” said Chief Executive of the TaxPayers’ Alliance, John O’Connell.

A BEIS spokesperson has stated: “We are incentivising millions of people into getting heat pumps by the end of the decade by slashing the price of installation by up to £5,000 and cutting VAT to 0%. We are working with industry to further bring down the cost of heat pumps by up to half by 2025 & reaching parity with boilers by 2030 as the technology develops, making them ultimately the most affordable option.”

Plans to install heat pumps predicted cost of £115bn

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