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Octopus Energy has stepped up to help the government implement its heating and building strategy, which plans to encourage the public to install heat pumps as an alternative to gas boilers to reduce carbon emissions. As homeowners face bills of about £10,000, the government has previously been criticized for the high cost of heat pumps. But now, the family will receive a government grant of £5,000 to install heat pumps through a £450 million boiler upgrade program.
Octopus Energy said that by April 2022, they can reduce costs to the same price as natural gas boilers.
Energy Minister Greg Hands said in a speech in the House of Commons yesterday: "Octopus Energy and other companies have stated that they believe that by April 2022, they can make the cost of heat pumps comparable to the cost of natural gas boilers.
"I have full confidence in the capabilities of British industrial and energy companies."
Previously, Octopus Energy CEO and founder Greg Jackson said: “This heating and building strategy will help launch the cheap clean heating revolution by lowering household prices and allowing companies to invest in expanding their clean heating business.
"When the new program starts in April, Octopus Energy will install heat pumps at roughly the same cost as gas boilers.
"Octopus has pledged to invest 10 million pounds in its R&D and training center dedicated to thermal decarbonization, and has begun to train engineers at a rate of 1,000 people per year."
Mr. Jackson said that the company's plan marked the UK's great progress in the race to achieve net zero emissions.
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He added: "But this is just the beginning. By expanding the UK's technology and supply chain, innovative companies like us will soon be able to install and operate heat pumps without any government support, bringing us one step closer to building the UK. Energy Silicon Valley has created thousands of clean energy jobs across the country."
Mr. Jackson also believes that this will play a key role in reducing Britain’s dependence on fossil fuels and will greatly promote Britain’s energy transition.
He said: "Compared with gas boilers, electric heat pumps are more efficient, safer, cleaner, and can help make homes more comfortable with less energy. Today, we are dealing with climate change and reducing Britain’s exposure to expensive, dirty gas."
This is also because energy prices in the UK have skyrocketed in the past few months.
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Since May, the price of a package of coal, oil and natural gas has soared by 95%, and energy companies have continued to go bankrupt.
The government hopes that their heating and building strategies will protect the UK from energy market volatility as it transitions to clean energy.
Minister of Commerce and Energy Kwasi Kwarteng said: "The recent volatility in global natural gas prices highlights the need to redouble our efforts to reduce Britain’s dependence on fossil fuels and stay away from gas boilers for the next ten years to protect consumers in the long term.
"With the advancement of technology and the decline in costs over the next decade, we expect low-carbon heating systems to become an obvious and affordable choice for consumers.
"Through our new grant program, we will ensure that people are able to choose more effective alternatives at the same time."
After Mr. Johnson announced his 10-point plan for the Green Industrial Revolution, he announced the heat and building strategy.
It outlines how the decarbonization of homes and workplaces will support 240,000 jobs across the industry by 2035.
There is no doubt that Mr. Johnson will present these strategies at the upcoming climate summit in Glasgow in less than two weeks.
But some people are not sure about his strategy.
Dale Vince OBE, founder of Ecotricity, said: "In just five months we can see the idea of reducing the cost of heat pumps by five times-it is an illusion.
"It's a trick to focus only on the cost of the heat pump. The heat pump is only part of the cost-the heating system of the entire house needs to be replaced because the heat pump does not actually make hot water, but warm water.
"And they are three times the electricity consumption of a typical household-so if we do, we need to build three times as much green electricity. Home heating costs will be hundreds of pounds higher.
"For short-term political and commercial benefits, heat pumps are currently being hyped, far beyond their actual value."
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