Surely a new boiler can't save you money? Or can it? Consider yourself cliff-hung...
If you’re looking to have a new boiler installed, you might be wondering how much this could benefit you financially.
After all, it isn’t cheap to have a boiler replaced, so you’ll be glad to know that there can be many upsides to having a new, modern condensing boiler installed - other than having warm water again, and a new, modern condensing boiler.
Let’s dive in!
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Key Points:
A new boiler can potentially save you money and reduce your carbon footprint, which you can then make up for in McDonalds Quarter Pounders.
The exact amounts depend on the ERP rating of your current boiler, the size of your home and its thermal performance.
For example, you could save as much as £840 per year if you are upgrading from an old D-rated boiler to a modern A-rated boiler (along with a programmer, room thermostat and thermostatic radiator controls (TRVs)).
Financial Upside of a New Boiler
New boilers can save you money by lowering your heating bills due to their higher levels of energy efficiency.
Aside from being more effective in their own right, modern, condensing boilers are often compatible with modern, smart technology designed to make boilers even more efficient than they are on paper (or concrete, if that’s where you install them).
Your annual savings from swapping to a new, modern boiler will depend primarily on the energy efficiency of your current boiler and the size/type of property you have. The bigger your house, the bigger your savings (and utility bills to begin with).
Learn how you can save money by trading in your old boiler for a new, efficient model in our YouTube video below:
Annual Savings Offered by a New Boiler
Let’s break down expected savings based on the energy-efficient grade of your existing boiler.
Grade G Boiler
If you have a boiler with under 70% efficiency, here are the savings you can expect depending on the size/type of property you have:
Detached House - £340 to £380
Semi-detached House - £220 to £260
Detached Bungalow - £170 to £210
Mid-Floor Apartment - £80 to £110
Mid-Terrace House - £180 to £220
Grade F Boiler
If you have a boiler with 70% to 74% efficiency, here are the savings you can expect based on property size/type:
Detached House - £230 to £270
Semi-detached House - £150 to £190
Detached Bungalow - £120 to £150
Mid-Floor Apartment - £50 to £80
Mid-Terrace House - £130 to £160
Grade E Boiler
If you have a boiler with 74% to 78% efficiency, here are the savings you can expect based on property size/type:
Detached House - £180 to £220
Semi-detached House - £130 to £170
Detached Bungalow - £100 to £140
Mid-Floor Apartment - £50 to £70
Mid-Terrace House - £110 to £150
Grade D Boiler
If you have a boiler with 78% to 82% efficiency, here are the savings you can expect based on property size/type:
Detached House - £140 to £180
Semi-detached House - £110 to £150
Detached Bungalow - £90 to £120
Mid-Floor Apartment - £40 to £60
Mid-Terrace House - £100 to £130
Finding the Right Boiler for You
While swapping your old boiler out for a new, modern alternative will save you money either way, it’s important to set aside sufficient time to choose the right one for you and your home. In that way, picking a boiler is a lot like dating, just without swiping left or right.
Not all new boilers on the market offer an A-rated efficiency (i.e., 90% efficiency or greater), so it’s important to pay attention to how efficient each model is.
Moreover, you’ll want to ensure that the boiler in question has the right outputs for your home. It’s no use saving money by buying a boiler that can’t keep up with your demands, there’s only room for one marriage in your household.
Boilers have two types of power output; central heating output and hot water output.
It’s worth considering both figures when determining whether or not a given boiler is a good match for your property. If you never use hot water, you can save quite some money (but you should give civilization a try).
It’s best to consult with a heating engineer when choosing the ideal boiler as they can professionally advise you.
After all, it’s entirely possible that the output of your current boiler is greater than is necessary. Unlike you, your boiler might work harder than it needs to.
If that's the case, you may find that you can purchase a less powerful replacement boiler than you initially thought.
Of course, you’ll also need to take into account what type of boiler you’d prefer whether it be a combi, system or heat-only boiler.
A combi boiler will usually be the best option for the average household, however, a system or heat-only boiler may be required for larger properties.
It should be noted, though, that you should only have a new heat-only boiler installed as a like-for-like replacement of an existing heat-only boiler.
Lastly, while you’re probably keen on having a natural gas boiler installed, if you have the budget you might be interested in an electric boiler + solar panel setup.
Financial Support for Installing a New Boiler
There are a whole host of ways you could make the cost of a new boiler installation easier to digest. You could maybe start by putting it in your stomach.
After all, if you can spread out the cost or benefit from a grant/support, you’ll be looking at paying less, at least in the short- to medium term.
Spreading Out the Cost
While the most common approach to paying for a new boiler instalment is simply to pay the full cost upfront, many households choose to pay on finance.
Purchasing a boiler on finance involves spreading the total cost of a boiler instalment over an extended period (e.g., 1 year or 2 years) or, if you feel like it, you can just pass the debt on to your grandkids and become a family villain. But Don’t worry, you get to use your boiler right away.
Interest may or may not apply and depending on the package, a deposit may or may not be required.
A similar option is to simply take out a loan. However, if you go down this route then interest will definitely apply.
Alternatively, you may want to use a credit card to pay for your new boiler. One way or another, you should only take on debt if you are sure that you can comfortably repay it.
A fourth option that while not involving taking on debt, still allows you to effectively spread out the cost of a boiler is a boiler subscription. It’s much like Netflix but without the video (or ads). And you don’t have to worry about your little brother using your password.
This involves effectively renting a boiler in exchange for a monthly fee. However, a subscription would offer more than just a boiler lease.
You may also benefit from a free annual boiler service, a fix or replace guarantee, zero call-out fees and more.
Grants and Governmental Support
It’s worth contacting your local council to see if you can avail of any financial support to help lower the cost of having a new boiler installed. It’s like someone else paying for your discount (which won’t work with non-energy-related products).
Currently, schemes such as the ECO4 and ECO+ schemes are in place to help households improve their energy efficiency levels.
What’s more, with Local Authority Flexible Eligibility or LA FLEX, it’s possible for homes that are not eligible for one of the ECO schemes to, in some cases, obtain financial support all the same.
Related reading:
Get a Quote for a New Boiler Today
If you’re aiming to get the best deal on a new boiler, consider getting a quote from us, here’s why:
Gas Safe installation within 24 hours.
Thousands of satisfied customers with an average score of 4.9 on Trustpilot, surpassing the market leader.
Which? Trusted Trader: Heatable is proudly recognised as a Which? Trusted Trader.
Price match guarantee: We will match any like-for-like cheaper quote.
Flexible payment options, including interest-free finance.
Up to 12-year guarantee on selected boilers.
Fixed price guarantee: No hidden costs.
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To learn more about boilers, visit our advice section, check out our YouTube channel, or read customer testimonials here.
