How much does a heat pump cost to run?

Heat pumps have become one of the most efficient heating solutions for homes and businesses, offering lower energy bills and reduced carbon emissions. With rising energy costs, many homeowners and businesses are considering whether a heat pump is a cost-effective choice. But how much does it actually cost to run a heat pump, and is it worth the investment?

This guide explores the running costs of a heat pump, the factors that influence efficiency, and why a Mitsubishi heat pump could be the right choice for your property.

Understanding heat pump efficiency and energy use

A heat pump works by extracting heat from the air, ground, or water and transferring it into a building. Unlike traditional heating systems, which generate heat by burning fuel, a heat pump simply moves heat from one place to another. This process is highly efficient, meaning you get more heat output for every unit of electricity consumed.

Heat pump efficiency is measured by the coefficient of performance (COP) or seasonal coefficient of performance (SCOP) this. A typical Mitsubishi heat pump has a SCOP of around 3 to 5, meaning it produces three to five times the amount of heat for every unit of electricity it consumes.

COP (Coefficient of Performance) and SCOP (Seasonal Coefficient of Performance) are both used to measure the efficiency of heat pumps, but SCOP provides a more comprehensive and accurate picture of a heat pump’s performance over a heating season. COP measures efficiency at a specific point in time, while SCOP takes into account temperature variations throughout the year.

The below table shows a well designed heating system with a design temperature of 35 degrees is 48% more efficient than the same Mitsubishi Heat Pump on a heating system with a design temperature of 55 degrees. This is why good, whole system design is crucial.

What affects the cost of running a heat pump?

The cost of running a heat pump varies depending on several key factors.

Electricity prices

Heat pumps run on electricity, so energy costs will play a big role in overall running expenses. If electricity prices rise, so does the cost of operating a heat pump. However, using a heat pump alongside solar panels can offset these costs by generating renewable energy on-site.

Home insulation and heat demand

A well-insulated property retains heat more effectively, reducing the workload on a heat pump. Homes with poor insulation will see higher running costs as the heat pump works harder to maintain a comfortable temperature. Investing in proper insulation is one of the best ways to improve efficiency.

This is the reason Heat Pumps are so well suited to new build homes which have to be well insulated to meet current Building Regulations.

Heat pump size and efficiency

Choosing the right size heat pump for your home or business is important. A unit that’s too small will struggle to heat the space efficiently, increasing energy usage. Conversely, an oversized heat pump may cycle on and off too frequently, leading to wasted energy and wear on the system. Mitsubishi heat pumps are designed with efficiency in mind, offering a range of models suitable for different property sizes and heating requirements.

Usage habits

How and when you use your heat pump will also impact running costs. Running the system at a steady temperature, rather than frequently adjusting settings, improves efficiency. Many heat pumps come with smart controls, allowing users to optimise performance and reduce unnecessary energy consumption.

Estimated running costs of a heat pump

The cost of running a heat pump depends on electricity rates, system efficiency, and how much heat is required. On average, running a heat pump for a typical home could cost between £500 and £1,000 per year. This is often lower than the running costs of gas or oil-based heating systems, particularly for well-insulated properties with a well designed heating system (Under Floor Heating & Radiators).

At the time this was written: In the UK, electricity is generally more expensive than gas, with current unit rates averaging 27.03 pence per kWh for electricity and 6.99 pence per kWh for gas. Standing charges are also typically higher for electricity (53.80 pence per day) compared to gas (32.67 pence per day). As you can see electric is around 4 times the cost of gas.

In summary: A well designed system with a SCOP of 4 plus, and no standing charge will save the home owner money. The real savings come when combining a Heat Pump with solar electric (PV) as the free electric produced by the solar will power the Heat Pump.

For businesses, the cost varies depending on the size of the premises and the demand for heating and cooling. Larger commercial buildings may require multiple heat pumps or higher-capacity models, affecting overall energy usage.

How to reduce heat pump running costs

There are several ways to make a heat pump more cost-effective over time.

Use a Mitsubishi heat pump with inverter technology

Mitsubishi heat pumps use advanced inverter technology, which adjusts power output based on heating demand. This improves efficiency by reducing unnecessary energy use and minimising fluctuations in temperature.

Maximise renewable energy sources

Pairing a heat pump with solar panels or a battery storage system can significantly cut electricity costs. By using stored solar energy to power the heat pump, homeowners and businesses can reduce reliance on the grid and avoid peak-time electricity charges.

Take advantage of government incentives

The UK government offers financial incentives to encourage the installation of heat pumps. The Boiler Upgrade Scheme provides grants of up to £7,500 for eligible homeowners, reducing the upfront cost of installation.

Why ESS Group is your trusted heat pump partner

Choosing the right heat pump and installer is essential for maximising efficiency and keeping running costs low. ESS Group provides expert guidance on selecting and installing heat pumps, ensuring you get the most cost-effective solution for your property.

With experience in all renewable energy systems, ESS Group can help you integrate a Mitsubishi heat pump into your home or business while taking advantage of available grants and incentives. Our team ensures that every installation is tailored to the specific needs of the property, optimising performance and reducing long-term energy costs.

Considering a Heat Pump?

A heat pump is one of the most energy-efficient ways to heat a property, offering lower running costs compared to traditional heating systems. While electricity prices play a role in overall costs, factors such as insulation, heat pump efficiency, and usage habits will determine long-term savings.

If you’re considering a Mitsubishi heat pump, ESS Group can provide expert advice and installation services to help you get the best performance from your system. Contact ESS Group today to explore your options and find a cost-effective heating solution for your home or business.