Installing a heat pump is paying for itself quicker than ever before with the oil now at €1060 per 1000 Litres (S.E.A.I. April 2013 Domestic Fuel Cost Comparison Sheets).
For instance a 2,500 to 3,000 Sq. Ft detached family home using 30.000 kW Hrs of energy will see their annual oil cost €3, 780 (burnt at 80% efficiency), the same heat from a heat pump costs around €1200. With those kinds of savings in larger houses, the cost to change from oil to a heat pump is very quickly recouped….in fact when financed, the repayments + new running costs are usually less than the original operating costs.