Roadmap to accelerate heat pump investment in the UK
The Department for for Energy Security and Net Zero has developed the ‘Heat pump net zero investment roadmap’ in an attempt to pave the way for dramatically stepping up deployment in in the UK.
By 2028, the goal is to see at least 600,000 heat pumps installed each year, but this will require a cumulative investment of up to £28billion across the supply chain.
This roadmap is described as a comprehensive package of policy measures that includes targeted regulation, a new market based mechanism for clean heat, and public fundnig through programmes such as the Boiler Upgrade Scheme.
The expectation is to get 300,000 heat pumps manufactured in the UK per year, with the government pointing out the there is already a “strong pipeline of investment in UK heat pump and component manufacturing”. worth up to £1billion.
To support private sector investment, the government is providing extensive support to businesses, including tax relief and export finance, and is also launching a Heat Pump Investment Accelerator Competition, to strengthen local supply chains and create thousands of new low carbon jobs.
This roadmap is part of a series of roadmaps being published as part of a refresh of the Green Finance Strategy. The update to the UK’s Green Finance Strategy sets out how government will align our world-leading financial centre to a net zero, nature positive and climate resilient world, and how government will mobilise public and private financial flows to meet our climate and environmental targets.
We’re providing £100’s of millions in support for businesses and consumers to bring Energy Secretary Grant Shapps commented: “We’re providing £100’s of millions in support for businesses and consumers to bring more heat pump manufacturing to the UK. The UK will soon be one of the largest markets in Europe for heat pumps, boosting our energy security and helping us reach net zero.”
