OVO launches new deal to help customer save £495 a year on bills | Personal Finance | Finance

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Energy provider OVO has launched a deal to help heat pump customers save nearly £500 a year on bills.

The deal, Heat Pump Plus, offered in partnership with Valliant, is available for homeowners with a Valliant heat pump and offers a best-in-market rate of 15p per kWh. This could bring energy bill costs down by an average of £495.94 a year.

With the UK Government target set to install 600,000 heat pumps per year by 2028, the new Heat Pump Plus add-on is designed to “support existing heat pump homes” with ongoing running costs.

Mat Moakes, chief commercial officer at OVO, said: “The UK is trailing far behind Europe on its heat pump installations. Yet our data shows that when paired with innovative tariffs to reduce the cost, alongside the Boiler Upgrade Scheme, the uptake increases while rewarding early adopters.

“We need to see more progress to decarbonise heating and our new partnership with Vaillant is an exciting step to make heat pumps more attractive for thousands more households.”

Currently, cost is the biggest barrier to choosing a heat pump. Nearly eight in 10 (78 percent) say running costs are one of the main barriers to installing a heat pump, and nearly nine in 10 (85 percent) would switch to a heat pump if they were cheaper to run.

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However, interest in low-carbon technology is growing. OVO’s research found one in four (26 percent) people in the UK want to install a heat pump more now than they did one year ago.

Almost a third (32 percent) stated it’s because operating costs are going down, while almost half the country (45 percent) think Government support makes it more appealing.

The Government is currently offering a £7,500 Boiler Upgrade Scheme grant to help towards installation.

Lord Callanan, minister for energy efficiency and green finance, said: “Rather than banning boilers, we are encouraging hardworking families to make the switch to cleaner, more efficient heating.

“Our plan is working. Our Boiler Upgrade Scheme is one of the most generous in Europe and the latest figures show December’s applications were up nearly 50 percent on the previous year.

“This partnership between OVO and Vaillant will see households save even more on their bills throughout the year too.”

How does it work?

Customers have two separate rates – one for their heat pump, and one for the rest of their household energy usage.

Both new and existing Vaillant customers with an internet-connected aroTHERM or aroTHERM plus air source heat pump can access the new rate.

People can check if they’re eligible for the deal here

Henrik Juhl Hansen, managing director of UK & Ireland at Vaillant, added: “Having invested in low carbon technology for more than 25 years, our commitment to decarbonising UK homes remains strong.

“Through our investments in sustainable heating technologies, we are able to collaborate with OVO and are proud to be launching this new partnership making heat pumps more affordable across the UK.”

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