UK Taxpayers Blow £700 Million on Heat Pump Subsidies In Last Year
UK Energy Secretary Ed Miliband blew almost £700m of taxpayers’ cash on grants for heat pumps during his first year in office, new industry analysis reveals.
The Energy Secretary has overseen a gargantuan increase in spending on support to install heat pumps, which has more than tripled in the space of just 24 months.
Last year he spent more on pushing families to take up heat pumps than ministers will save by restricting the winter fuel payment for pensioners.
Annual grants now also outstrip the projected income from the family farm tax, which Rachel Reeves has said is necessary to stabilise the economy.
The grants are required because it costs on average just over £13,000 to install an air-source heat pump, compared to just £3,000 to put in a gas boiler.
Critics accused the Energy Secretary of forcing up the bills of ordinary households to pay for the grants and achieve his net zero targets.
Industry analysis of Department for Net Zero figures reveals that £692,108,250 was spent on such grants between July last year and this June.
Full story here.
The figure of £700 million includes the cost of zero rate VAT for heat pumps, something that is not available for gas boilers. At £13000 a time, this is worth another £2600 for anybody buying a heat pump.
Added to the grant of £7500, that means a subsidy of over £10k.
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