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Industry Insights: May 2024

Industry Insights: May 2024

This month has been buzzing with exciting updates in the UK heating industry. From game-changing government initiatives to major investments and promising consumer protections, there’s a lot to unpack. Let’s dive into the latest developments and see how they could impact your home and contribute to a greener future.

Major Government Initiatives for Heating and Cooling

The UK Government is shaking things up to ensure a more sustainable future for heating systems. By 2025, new legislation will kick in to protect consumers using heat networks. This is a win for anyone relying on these systems, ensuring fair treatment and reliable service. Expect measures like price protection, service quality standards, and compensation for service failures, giving you rights similar to those using traditional energy sources. Ofgem will be on the case to enforce these protections. Plus, there’s a hefty £32 million going towards the Heat Network Efficiency Scheme to boost performance and cut emissions in existing networks. Full consumer protection is on the horizon by the end of 2025.

But that’s not all. The government isn’t forgetting about cooling. Early next parliament, they’ll roll out a ‘National Cooling Plan’. This plan, part of the UN global cooling initiative, will map out future cooling policies and update energy performance standards for commercial refrigeration. The aim is to hit these standards by 2030, aligning with the UK’s 2050 net-zero target. This initiative is set to foster collaboration and spotlight sustainable cooling practices.

Boosting Heat Network Efficiency

The government is putting its money where its mouth is with a £3 million investment to enhance heat networks across England and Wales. This funding targets projects that promise significant efficiency gains and carbon reductions. Expect to see tech upgrades like advanced metering and control systems, plus pilot programs testing innovative heat network management and renewable energy integration. This is all part of the bigger picture to cut carbon emissions and hit net-zero by 2050.

Closing the Knowledge Gap on Renewable Heating

A study by the Construction Industry Collective Voice (CICV) showed a big gap in public awareness about renewable heating technologies like heat pumps. Nearly 59% of UK homeowners are out of the loop on these techs. The study found only 35% of Londoners felt well-informed, compared to a mere 15% in the North East. And it’s not just a regional issue—54% of men and 65% of women felt under-informed too.

To tackle this, several initiatives are on the way. National and regional campaigns will spread the word about the benefits and practicalities of heat pumps and other renewable heating solutions. Expect comprehensive online resources, guides, FAQs, and case studies to help you make the switch. Workshops and seminars will offer hands-on learning, and partnerships with manufacturers, installers, and energy companies will provide practical support.

Good News on Energy Bills

Here’s a bit of welcome relief: the energy price cap, regulated by Ofgem, will drop to £1,568 per year for a typical household from July 1 to September 30, 2024. That’s down from the previous cap of £1,690, saving you around £122 annually. The cap limits how much suppliers can charge per unit of gas and electricity, ensuring fair prices for those on standard variable tariffs. New rates are:

  • Electricity: 22.36 pence per kWh, with a daily standing charge of 60.12 pence.

  • Gas: 5.48 pence per kWh, with a daily standing charge of 31.41 pence.

This applies to various payment methods, including standard credit, Direct Debit, prepayment meters, and Economy 7 meters. The drop in wholesale energy costs, from £720 to £613, is a key factor behind the new, lower cap. So, check your bills and consider switching to more competitive tariffs if you’re on standard variable tariffs. Energy-efficient appliances and smart practices can further boost your savings.

Looking Ahead

These updates reflect the UK’s commitment to a sustainable, fair, and efficient energy future. With new cooling plans, consumer protection legislation, significant investments in heat networks, and reduced energy bills, the future looks bright. Staying informed about these changes can help you make the best decisions for your home and energy needs.

If you’re thinking about upgrading your heating system, we believe now is the perfect time to explore options like the NEOS electric radiator. With its advanced technology and energy-efficient design, the NEOS will help you stay ahead of the curve and contribute to a greener future.

 

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