5 Important things to know about the Boiler Upgrade Scheme (BUS)

In this blog, we’ll examine the latest data on the BUS for 2024 and explain why it’s still a great time to invest in a heat pump and transform your home.

Maximizing the Boiler Upgrade Scheme: How Green Building Renewables Can Help You Transition to Heat Pumps

At Green Building Renewables, we’re excited to share the latest Boiler Upgrade Scheme (BUS) updates from the Department for Energy Security and Net Zero. These statistics, covering the first half of the year up to the end of June 2024, highlight the growing interest in sustainable heating solutions, especially air source heat pumps (ASHPs), which are at the core of our services.

BUS Fact 1 – A Surge in Heat Pump Applications

The latest data reveals that the BUS is gaining traction among homeowners looking to switch to renewable heating. As of June 2024, 45,932 voucher applications had been received under the scheme. Remarkably, 96% of these applications were for ASHP installations, demonstrating a strong and consistent preference for this technology since the scheme’s inception.

Even though June 2024 saw a slight dip in applications across all technology types (2,687 applications, down 10% from May), the bigger picture is far more encouraging. Compared to June 2023, applications have surged by an impressive 81%. This growth reflects the increasing awareness and confidence in heat pump technology as a viable and sustainable alternative to traditional heating systems.

BUS Fact 2 – Voucher Issuance and Redemption on the Rise

By the end of June 2024, 38,938 vouchers had been issued to homeowners, marking a 70% increase compared to last year. While there was a modest 8% decline in vouchers issued from May to June 2024, this uptick compared to the previous year is a testament to the scheme’s growing popularity.

Redemption applications, representing the final step in securing BUS funding, totalled 1,730 in June 2024—a slight 3% decrease from May. Yet, the year-on-year increase of 76% underscores the scheme’s success in facilitating the transition to low-carbon heating.

BUS Fact 3 – Regional Insights and Installation Costs

The South East and South West continue to lead in the number of grants awarded, with 5,620 and 5,371 grants paid by June 2024. The North East remains the region with the lowest uptake, but we’re committed to helping more homeowners across all regions benefit from this scheme with our nationwide network of experts.

Of the 28,596 installations completed with BUS support, nearly half replaced gas systems, 20% replaced oil systems, and 17% were for properties without a previous heating system. This demonstrates the versatility of heat pumps in different scenarios, whether you’re looking to upgrade from an existing system or install heating in a new property.

When it comes to installation costs, the median price for an ASHP installation has been £13,095, while ground source heat pumps (GSHPs) typically cost around £25,000, including the grant value. For those considering a shared ground loop GSHP, the median cost is £21,883. These figures highlight the significant financial support the BUS provides, making these advanced heating systems more accessible to homeowners.

BUS Fact 4 – A Record-Breaking Year for Heat Pumps

As Ian Rippin, Chief Executive Officer at MCS, pointed out, BUS applications have surged by 73% in the first half of 2024 compared to the same period in 2023. June 2024 alone marked the third-highest month for applications since the scheme began, signalling a record-breaking year for heat pump installations across the UK.

At Green Building Renewables, we’re proud to be part of this sustainable revolution, playing our part with hundreds of BUS applications completed across our network. With 27,000 certified heat pump installations completed in the first six months of 2024—a 45% increase from last year—it’s clear that more and more homeowners are choosing heat pumps for their heating needs.

BUS Fact 5- Ready to Make the Switch?

The Boiler Upgrade Scheme is making transitioning to low-carbon heating more effortless and affordable. If you’re considering upgrading to a heat pump, Green Building Renewables will guide you through the process, from the initial application to installation.

Contact us today to learn how you can benefit from the Boiler Upgrade Scheme and join the growing number of homeowners embracing renewable energy. Let’s work together to build a greener, more sustainable future.