The domestic tariff rate has been announced as 18.8 pence per kilowatt hour.
The domestic scheme will pay out for 7 years for every kilowatt hour of heat generated by a domestic heat pump. In addition an annual payment of £230 will be available if the house is metered.
The Non Domestic Renewable Heat Incentive (RHI) has been running since last November and Earthtest Energy acquired the first ever RHI for one of its commercial clients. The RHI for commercial and industrial properties doubled for installations after January 2013 making it an attractive financial proposition to install ground source heat in these premises.
The heat produced will not generally be metered, but calculated by the installer on a deemed basis, dependent upon the house type, construction and location. A condition of eligibility will be that the house is insulated to economic levels, and there
will be loans available through the Green Deal to finance the required insulation.
For a typical existing 4 bedroom house Earthtest Energy expect to install a 12kilowatt heat pump and for this to earn £5,500 per year or £38,500 plus inflation over the 7 year payment period. For an older 4 bedroom house particularly in a rural setting, the company would expect to install a 24 kilowatt heat pump, and for this to earn £11,000 per year or £77,000 plus inflation over the 7 year payment period. Larger houses with indoor swimming pools would need a 45kilowatt system and could expect to earn £24,000 per year or £170,000 plus inflation over the 7 year payment period.
For more information, please email: email@example.com or visit: www.earthtestenergy.com.