Finn Geotherm has reached the milestone of ensuring five million pounds in Domestic Renewable Heat Incentive (RHI) payments will be shared among the hundreds of homeowners for which it has designed and installed renewable heating systems.
The Domestic RHI is a government initiative designed to reward homeowners for choosing to switch to a more environmentally friendly form of heating. As one of the longest established renewable heating companies in the UK, Finn Geotherm has been helping its 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 customers and this has now reached a total of five million pounds.
Finn Geotherm specialises solely in the design and installation of ground and air source heat pumps and this financial incentive is available for both of these forms of renewable energy. Eligible homeowners receive quarterly payments over a duration of seven years. The payments are calculated based on the amount of clean, green heat produced and administered by the official regulator Ofgem.
The current index-linked tariffs are set at 7.51p/kWh for Air Source Heat Pumps and 19.33p/kWh for Ground Source Heat Pumps. In most cases this covers the initial cost of installing a renewable heating and hot water system in between four and five years. For example, a typical four-bedroom house would receive around £3,400 a year if they had a ground source heat pump or £1,300 a year for an air source heat pump, which costs less to install.
Guy Ransom, Commercial Director at Finn Geotherm, said: “The Domestic RHI is a great way for homeowners to benefit from upgrading their heating and hot water systems and our team has worked tirelessly to ensure that as many of our customers as possible receive this generous incentive. This has included campaigning when needed to get particular products and systems recognised under the scheme.
“This means we’ve not only been able to help hundreds of homeowners to significantly reduce their heating bills, and enjoy a warmer and cosier home, but we’ve also been able to help them to more than cover the initial cost of installation. We will continue to help as many customers as possible to benefit from RHI payments in the future.”
Finn Geotherm also works with its business customers to help them benefit from the Commercial RHI. This is an alternative financial incentive for non-domestic properties which is based on different tariffs and paid over 20 years.