OVO has partnered with manufacturer Vaillant to offer a “best-in-market” heat pump rate of 15p/kWh, which is said to cut running costs by an average of £495 a year.
Heat Pump Plus is an add-on that will allow homeowners with a Vaillant heat pump to access this new rate, cutting heat pump running costs by almost £500, based on an air source heat pump with a UK average Seasonal Coefficient of Performance of 2.8 and annual consumption of 3,644 kWh.
This will mean customers have two separate rates – one for the heat pump and one for regular household energy usage.
The energy supplier references research which reveals that 78% of survey participants in the UK see running costs as the most significant barrier to installing a heat pump, with 75% believing they would make the switch if these costs were reduced by roughly 50%.
“The UK is trailing far behind Europe on its heat pump installations. Yet our data shows that when paired with innovative tariffs to reduce the cost, alongside the Boiler Upgrade Scheme, the uptake increases while rewarding early adopters,” said Mat Moakes, chief commercial officer at OVO.
“We need to see more progress to decarbonise heating and our new partnership with Vaillant is an exciting step to make heat pumps more attractive for thousands more households.”
Vaillant heat pumps are produced in Derbyshire, making them a domestically manufactured low-carbon technology.
The partnership follows OVO’s recent announcement revealing it had completed the acquisition of electric vehicle (EV) charging consumer app Bonnet.
