See also: Heat Pump vs Oil Boiler Payback Calculator
Efficiency is King
Boilers: Non-condensing gas boilers typically have an efficiency of around 60%. On the other hand, condensing boilers can be up to 92% efficient, in theory. But the real world efficiency for condensing boilers tends to be much lower. This is because condensing boilers have to be installed and set up in a special way to hit their efficiency potential. And most aren’t.
Heat Pumps: Heat pump efficiency varies widely, anywhere from 250% to 600%. Why such a wide range? As you might expect, the quality of the heat pump itself plays a role. But the biggest factor is system design and installation quality. So choose your installer wisely!
Either way, efficiency dramatically impacts energy consumption and therefore running costs.
Future Energy Prices
What will gas and electricity prices be in the future? Here are some considerations:
- Carbon tax: Scheduled to increase every year until 2030
- Depletion of the best gas resources: The world is nowhere near running gas. But the cheapest gas to extract (land-based and near the surface) is getting scarcer each year
The impact on prices:
| Factor | Impact on Prices | Reason |
| Carbon Tax Increases | Worse for gas | Gas boilers are much more carbon intensive than heat pumps |
| Depletion of the best gas resources | Worse for gas | Ireland’s electricity supply is only part-dependent on gas |
Bottom line?
Gas prices are likely to go up more than electricity prices over the long-term.
Heat Pump Installation Costs
Heat pump installation prices vary widely. So getting multiple quotes could save you thousands.
But remember that efficiency is the most important factor for payback period. So shop for quality first, and price second.
Non-Financial Considerations
Health: Gas boilers emit harmful carbon monoxide, nitrogen oxides, PM2.5, and PM10 near your home
Cooling: Some heat pumps can cool as well as heat. This is especially useful in modern houses with lots of glazing, which can be prone to overheating in summer
Convenience: Disconnecting from gas means one less bill that you have to deal with
Safety: Going with a heat pump eliminates the risk of a natural gas leak
