Octopus Energy has launched its new own-brand smart heating system, 'Cosy Octopus', which includes an affordable heat pump that could cost households as little as £3,000, instead of the typical £10,000, or can even be fitted for free with government grants.
'Cosy 6' is the energy supplier's first heat pump to be built entirely in-house under this new smart heating system, which Octopus Energy's CEO Greg Jackson claims 'paves the way to heat pumps for everyone'.
Piqued your interest? Here's what you need to know about Octopus Energy's newest heat pumps and integrated smart heating system.
Octopus Energy's 'Cosy Octopus' smart heating system
The 'Cosy Octopus' integrated smart heating system consists of:
- The 'Cosy 6' – the energy supplier's new heat pump
- 'Cosy Hub' – a home control system
- 'Cosy Pods' – room temperature sensors
Octopus Energy's new smart heating system will enter the market with a 6kW heat pump, which is suitable for heating a typical three-bed home. The energy supplier intends to develop and release more and even larger models in the next six months.
The system is free to install through heat pump grants like the UK Government's Boiler Upgrade Scheme (BUS), currently in place until 2028, for already well-insulated homes that don't need any additional work done to them in regards to improvements to energy efficiency.
Homes that do need some adjustments, on the other hand – such as new radiators, piping, or a hot water tank – will be able to obtain the system for around £3,000 after the grant. Compared to the industry standard, this is a steal.
'Typically, an air source heat pump will cost around £10,000 to fit, as compared with anything up to £35,000 if you were installing a ground source heat pump, for example,' explains James Longley, managing director at Utility Bidder.
Therefore, all things considered, Octopus Energy's heat pump easily offers one of the most competitive prices on the market in the grand scheme of types of heating systems.
'It's exciting to see how fast this nascent industry is taking off – over 100,000 people have expressed interest in a heat pump already, and this number is growing every month,' comments Rebecca Dibb-Simkin, chief marketing and product officer at Octopus Energy.
'Considering a new gas boiler costs around £3,000, it's now possible to install a heat pump for a similar price as a gas boiler when taking advantage of the grant,' adds Jon Bonnar, managing director at Cotswold Energy.
This undoubtedly contributes heavily to the heat pumps vs gas boilers debate, not to mention rumblings of a potential gas boiler ban in 2025. So, if you're mulling over your options, then it may be wise to consider heat pump benefits and consider making the switch as you see fit – especially if saving money is at the top of your priority list.
'Heat pumps have huge potential to reduce energy usage and bills in the home,' assures Spencer Clark, head of the residential business unit at Daikin UK.
'Over its 15-year lifespan, switching from a fossil fuel boiler to an air source heat pump can save homeowners more than £3,000 when compared to a gas boiler, more than £6000 compared with oil and more than £9,000 compared to LPG – including the initial purchase and installation, maintenance and running costs.'
Octopus Energy's Rebecca Dibb-Simkin concludes, 'We've built the UK’s first Heat Pump R&D centre, started manufacturing our own heat pumps, and we're now hiring 2,000 more engineers to help meet growing demand. We're really excited to roll out new models of the Cosy heat pump soon too.'
