Heat pumps: ‘Gimmick’ incentive plan torn apart – would only benefit wealthy homeowners

“Given that research by the TaxPayers’ Alliance estimates the full cost of an air source heat pump at up to £18,000, buyers would need to make a hefty stamp duty saving to make it worth their while.”

According to Onward’s report, the average retrofit cost of a heat is about £8,110.

However, they also wrote: “The cost for a household wishing to perform a deep retrofit and install a heat pump at the same time would be higher, and could rise up to £20,000.”

Factoring these figures in, Mr Fone detailed a number of case studies from properties across England and found that in each of those cases, the tax incentive provided by installing a heat pump is nullified by the cost of a deep retrofit.

READ MORE: Heat pumps: Huge new incentive could be offered

Article source: https://www.express.co.uk/news/science/1661529/heat-pump-gimmick-stamp-duty-tax-incentive-plans-onward-taxpayers-alliance-boost-wealthy