EDF has launched a heat pump tracker tariff that could save customers £164, with further off-peak discounts available.
The decision followed an EDF survey revealing that 67% of British people are eager for more control over their energy expenses, with 65% actively exploring cost-saving options such as off-peak savings but only 2% have air source heat pumps.
We look at what exactly the heat pump tracker tariff is, why it was introduced and what its supposed benefits are.
What is a heat pump tracker tariff?
EDF has introduced a heat pump tracker tariff that they claims ensures customers never pay beyond the energy price cap.
The Heat Pump Tracker tariff is accessible to new and current customers with any heat pump technology and was developed in partnership with CB Heating.
It offers six hours of discounted zero-carbon electricity daily, with off-peak windows from 4am to 7am and 1pm to 4pm, enabling customers to shift consumption without peak rate charges.
Why has EDF introduced a heat pump tracker tariff?
The introduction of the heat pump tracker tariff comes in response to research conducted by EDF showing that over two-thirds of Brits (67%) are seeking greater control over their energy costs.
Of those without air source heat pumps, 42% express concerns about their current heating systems, citing rising costs (71%) and environmental impacts (40%) as top worries.
The study also revealed that 65% of Brits are exploring cheaper pricing options such as off-peak savings, and offering increased control over consumption.
Despite their potential for savings and environmental benefits, only 2% of respondents have air source heat pumps installed in their homes, although 26% plan to install them within the next five years.
What are the benefits of the heat pump tracker tariff?
Heat pump users can save £164 annually compared to standard variable tariffs (SVT) by switching to the Heat Pump Tracker tariff.
Shifting consumption to off-peak hours can also yield additional savings, with no premium peak price increases.
These off-peak discounts apply to all electricity usage, offering cheaper unit rates than the price cap for all appliances.
Fixed discounts are available for three years, with no exit fees, providing freedom to switch to another supplier or tariff anytime.
Switching to heat pump from boiler could save £335
EDF is aiming to make heat pumps accessible to as many of its customers as possible by offering £750 off new heat pump installations to celebrate the launch of the new tariff.
With a new heat pump it is estimated a three-bedroom home could save £335 compared to an oil boiler and £260 compared to a gas boiler as well as cutting a households carbon footprint by 1.9 tonnes.
Philippe Commaret, Managing Director of Customers at EDF, said: “Everyone plays a significant part in helping Britain achieve net zero which is why we’re pleased to be bringing a heat pump tariff to both new and existing customers in the market, helping them save at least £164 a year, no matter what type of heat pump technology they may have already installed in their homes.
“Working closely with CB Heating to offer £750 off the cost of a new air source heat pump installation, we hope to support more customers with making the switch to greener technologies and, in doing so, reward them with further cash and carbon savings.”
