 Michael and Kate Wright wall Yorkshire Heat Pumps | Falling oil prices have failed to make a dent in Yorkshire’s booming interest in renewable energy heating, according to Yorkshire Heat Pumps’ Michael Wright. He believes that conscience as well as cost is now a key driver. Michael said: "We are finding customers are continuing to look at the long term picture and are attracted by the green credentials of a renewable heating system - they believe in the sustainability and stability of renewables. |
The oil price is at its lowest since early 2009, and they have been falling sharply since August 2014. But, it still remains lower then it was for much of the previous six years. Oil prices are notoriously volatile and it is hard to predict how long the current low price will last.
Michael continued:
Michael continued:
"Nobody knows for sure, but it's not unreasonable to assume that the price of oil could rise just as quickly as it has fallen. Indeed we're already seeing prices creeping up at the petrol pumps once again.
“Customers looking for a renewable solution to their heating needs are generally thinking several years ahead - at a long term investment, but coupled with the long term benefit of significantly lower operating costs."
There are many factors influencing the future of renewables when competing against oil. For example, a big problem is the fact that homeowners have to pay up front for the cost of installing a heat pump into their home to produce heat and hot water.
In addition, the property owner has to ensure that their house is properly insulated. Without proper insulation, such as cavity wall insulation, loft insulation or double glazing, a heat pump could be more expensive to run than a condensing gas boiler or oil boiler.
All of this equipment has to be paid for up-front before the homeowner can claim the government’s renewable heat incentive. This can put many homeowners off investing in a renewable heating system.
Nevertheless, fossil fuels will not last forever. As Michael put it:
In addition, the property owner has to ensure that their house is properly insulated. Without proper insulation, such as cavity wall insulation, loft insulation or double glazing, a heat pump could be more expensive to run than a condensing gas boiler or oil boiler.
All of this equipment has to be paid for up-front before the homeowner can claim the government’s renewable heat incentive. This can put many homeowners off investing in a renewable heating system.
Nevertheless, fossil fuels will not last forever. As Michael put it:
"Whatever the price of fossil fuels, I predict renewables, by their very nature, will prove to be more stable and cheaper for the long term."
