What are heat pumps and can they save you money in the long-run?

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. The Energy Saving Trust says there are two main types of heat pump: ground source and air source, plus water source heat pumps, which are less common. “A heat pump dramatically reduces the carbon impact of your home heating, which is a major reason many people are installing them today,” says Joanna O’Loan, knowledge manager at the Energy Saving Trust. She explains that because heat pumps are powered by electricity, under Ofgem’s current energy price cap, electricity is around four times the price of gas per unit. “If electricity and gas prices were to change, with electricity becoming closer in price to gas, heat pumps could become cheaper to run.” John-Paul Drake at Love Energy Savings, which helps people save money on energy, explains that air source heat pumps are cheaper to install than other types of heat pumps, typically costing between £7,000-£10,000 to buy and install – although the type, size and efficiency of the heat pump can affect the price and running costs.