Funding your Ground Source Heat Pump System
The Boiler Upgrade Scheme (BUS)
A new, flat, upfront grant, the BUS comprises £450million of total support over a three-year period.
Announced in the government’s Heat and Buildings Strategy, the BUS follows the Domestic Renewable Heating Incentive (DRHI), which closed at midnight on 31 March 2022.
The BUS allows consumers to apply for a one-off grant payment of:
- £5,000 towards the cost of an air-source heat pump (ASHP) or biomass installation
- or £6,000 towards the cost of a ground-source heat pump (GSHP) installation.
Please be aware that biomass installations are only supported in limited circumstances, and solar thermal is excluded from the scheme.
Installers will be required to lead the voucher application on behalf of the consumer.
Homes and small non-domestic buildings on and off the gas grid, including owner-occupiers, private landlords and custom-builds, are eligible for the BUS. New buildings and social housing will not be eligible for support. The consumer must have an EPC issued within the last 10 years to qualify.
Grants are capped at a total budget of £150 million per year over the next three years.
The UK’s green mortgage market is showing signs that it is ready for lift off. Encouraged by the innovation of peers in this space, banks and building societies in the UK are launching green mortgage products at an ever increasing rate. Green Mortgage products come in a variety of different forms, but all aim to incentivise homeowners to invest in improving the energy efficiency of their properties.
More details can be found at the Green Finance Institute here.
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