The latest figures for July released by SEAI now include a section on electricity used by heatpumps highlighting for the first time on this reference source the difference in operating costs for heat pump technology over other fuels.
At a glance the figures show heatpumps are the cheapest form of heating: -
Oil burnt at 80% efficiency, probably the most common level, is 10.73 Cent per kW hr. and at 90% efficiency is 9.54 Cent per kW/hr.
Bulk LPG at 80% is 15.46 per kW Hr
Bulk Wood Pellets at 80% is 6.27 per kW Hr
In city areas where available Natural Gas, band D2 and at 80% is 7.73 Cent per kW Hr
Heatpumps with a listed average Seasonal Performance Factor of 4, (day rate electricity band DD) score at 4.53 Cent per kW and on nigh rate just 2.13 Cent per kW
Follow this link to go to the Fuel Costs Page - the second of the two pages shows the price per kW Hours of the various fuels - If you need any help in interpreting these figures,
Most heatpump installations run on a 50/50 mix of night and day rate electricity which would therefore average out at 3.33cent per kW Hour.
In money terms an average bungalow in Ireland using 30,000 kW Hours would currently cost €999.00 with a heatpump (night/day average) versus the use of Oil (at 80% efficiency) €3219 showing an annual saving of €2220.00 is possible.