Hot property: 200,000 homeowners eye Octopus’ heat pumps

Consumer interest in heat pumps from Octopus jumps by 144% in 2024
Record number of households explore cleaner home heating solutions
UK heat pump industry hit a new high last year with 60,000 installations

Over 200,000 homeowners contacted Octopus Energy to enquire about a heat pump in 2024, the UK’s largest power company reports today.

This marks a staggering 144% increase from the previous year, signaling a growing trend among homeowners eager to ditch traditional heating systems.

The UK heat pump industry hit a new record with almost 60,000 new installations in 2024*.

With the UK government’s annual target of 600,000 new heat pump installations by 2028 another year closer, Octopus’ figures show exponentially growing consumer demand. A similar growth from 2025-2026, 2026-2026 and 2027-2028 would see the UK easily hit this target.

Furthermore, half (49%) of UK consumers want to invest in low-carbon heating solutions, a recent study revealed*.

Thanks to the £7,500 grant from the Boiler Upgrade Scheme (BUS), the costs of getting a heat pump are now on par with a new gas boiler.

Heat pumps are also cheaper to run than gas boilers with dedicated smart tariffs. Octopus’ ‘Cosy Octopus’ can save heat pump customers £315 a year on heating costs compared to gas boiler customers on an SVT**.

To further drive down running costs, the government is currently considering moving environmental and social levies off electricity.

Alex Schoch, Global Director of Clean Tech at Octopus Energy at Octopus Energy, said: “With over 200,000 inquiries in just one year, it’s clear that the UK is at the cusp of a heating revolution.

“The appetite is there, British homeowners are hungry to go green. But the industry must step up and demystify heat pump technology to help people make informed choices.”

Octopus has already invested over £75 million to speed up the rollout of heat pumps. Its proprietary ‘Cosy 6’ heat pump is designed and manufactured in the UK. Octopus also built an R&D and engineer training centre for heat pumps in Slough – the first of its kind in the country.

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