A new scheme has been launched by EDF that promises to never charge customers more than the price cap, even during peak times.
Available until 30th April 2024 to new and existing customers with any heat pump technology, the Heat Pump Tracker tariff also offers daily discounted rates for electricity used during two off-peak windows in the morning and afternoon (4am – 7am and 1pm – 4pm).
EDF says switching to the tariff could save the average heat pump user over £160 a year compared to the standard variable tariff. Savings are expected to be even greater for those who use more electricity during the off-peak periods. And with off-peak discounts applying to all electricity usage in the home, customers can benefit from unit rates which are cheaper than the price cap for all appliances.
The announcement responds to recent research conducted by EDF which shows more than two thirds of Brits (67%) are seeking greater control over their energy costs, with 42% of those without an air source heat pump admitting they have concerns about their current heating systems. The top causes for concern include rising costs (71%) and environmental impacts (40%).
Despite their cost and carbon-saving potential, EDF’s study found only 2% of respondents have an air source heat pump in their homes, with 26% of Brits planning to install an air source heat pump within the next five years.
Seven in 10 perceive not needing to replace their current heating system as a significant deterrent in switching to a heat pump, with 26% only likely to install a heat pump when they next carry out home renovations.
When the time comes to replace heating systems, however, 55% would consider monetary savings on their bills as the most important factor in their decision to switch. 31% also believe that heat pumps would have a positive influence on their decision to buy a new home.
EDF is aiming to make heat pumps accessible to as many of its customers as possible, which is why it recently acquired installation company CB Heating. Together the two companies are offering £750 off new heat pump installations to celebrate the launch of the new tariff*.
Philippe Commaret, MD of customers at EDF, says: “Everyone plays a significant part in helping Britain achieve net zero which is why we’re pleased to be bringing a heat pump tariff to both new and existing customers in the market, helping them save at least £164 a year, no matter what type of heat pump technology they may have already installed in their homes.
“Working closely with CB Heating to offer £750 off the cost of a new air source heat pump installation, we hope to support more customers with making the switch to greener technologies and, in doing so, reward them with further cash and carbon savings.”
For more information or to sign up to the Heat Pump Tracker Tariff trial, click here.
T&Cs apply. Offer ends on 30th April 2024.
