How much could i get back from the RHI scheme?
The RHI is designed to cover the additional cost of installing this technology over the cost of installing a traditional boiler. A well designed system will give you cost savings which added to the RHI payments will mean you get your money back in five or six years.
The Domestic RHI scheme pays you for the heat you are deemed to require to heat your property less the electrical energy you a deemed to need to produce the heat. So if the EPC says you need 30,000 kWh for heating and hot water and we design a system which will give you 350% efficiency you will get paid for 30,000 kWh less 30,000 divided by 360% for electricity so that is 30,000 – 8,333 = 21,667 kWh x the tariff which applies to your installation.
Current tariffs are 7.51 p per kWh for Air Source Heat Pumps and 19.33 pence per kWh for ground source heat pumps.
So that is 21,667 x 7.51 = £1627.19 per year for seven years for an air source heat pump totalling £11,390 and £4188.23 per year for a ground source heat pump which comes to £29,317.61.
If your EPC says your house needs 20,000 kWh per year for heating and hot water then it would be 20,000 – 5,555 kWh = 14,445 kWh x 7.51 = £1084.82 for an air source heat pump and £2,792.22 for a ground source heat pump. That would be £7539 and £19,545 respectively.