Renewable heating expert Finn Geotherm says it has now ensured that £20 million in Renewable Heat Incentive (RHI) payments will be shared among its heat pump customers.
The RHI is a government initiative designed to reward people for choosing to switch to a more environmentally friendly form of heating. Administered by the official regulator, Ofgem, the scheme is available for domestic customers under the Domestic RHI, and for commercial customers under the Non-domestic (Commercial) RHI. Based on the amount of clean, green heat produced, both schemes provide tax-free quarterly payments for seven years under the Domestic scheme or 20 years for Commercial.
As one of the UK’s longest established renewable heating companies, Finn Geotherm has been helping its domestic and commercial heat pump customers apply for this tax-free incentive since it was first introduced in April 2014. The company has kept a log of all the payments it has secured for its domestic and commercial customers and this has now reached a total of £20 million pounds.
However, the current RHI scheme will end for all new applications on March 31, 2021, so Finn Geotherm is encouraging anyone considering a heat pump to act now. Ground and air source heat pump projects have to be installed by a qualified installer and registered for the RHI before this date in order to be included.
Guy Ransom, Commercial Director at Finn Geotherm, said: “At a time when we all need to be doing our bit to tackle the climate emergency, the RHI scheme provides a great added incentive for customers to benefit from upgrading their heating and hot water systems to low carbon technology such as heat pumps.
“Our team has worked tirelessly to ensure that as many of our customers as possible receive this generous incentive, enabling them to significantly cut their heating costs and energy use, while enjoying warmer and more environmentally friendly homes and workplaces. With the RHI scheme ending in March 2021, we’re keen to help as many more customers as possible to lock into the scheme and benefit from the RHI payments when they switch to a better form of heating. We’re encouraging people to get it while it’s hot!”