Advice for homeowners who can’t afford a new boiler
As energy costs rise, the last thing you want to be doing is thinking about being able to afford a new boiler. At Boiler Central, we’re here to help as much as possible in the fight against rising energy costs.
Boilers aren’t cheap, and whilst some are affordable to most, many will struggle with an unexpected breakdown. Which? recently conducted a survey which revealed that 33% of UK households cannot afford to pay for a new boiler.
The Energy Saving Trust states that the average new boiler cost including installation is £2,300. However, it can cost between £1,595 to £4,500+ depending on the type of boiler and the installation costs which includes the labour and all the materials required.
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Pay monthly for your boiler with finance
At Boiler Central and as an online boiler installation company, we offer a range of different financing options if you are worried about your boiler failing and don’t have enough money to replace it. Here are some of the energy-efficient boilers & options you can choose with our boilers on finance:
- 0% interest finance
- Buy now pay on 12 months
- £0 deposit finance
- Low deposit finance
Do you need help to buy a boiler?
If you think that you need help to get a new boiler then speak to one of our experts who can give you your options as to how we can help you get the boiler you need today.
Boiler Central offers boiler installation and maintenance starting at as low as £10.32/month at 9.9% interest. There are also plans available with 0% APR for two years with no hidden fees so that you can spread out the cost.
For many, a free boiler grant isn’t an option, here at Boiler Central, we will provide you with a reliable boiler and full installation that will save you up to £580 every year when changing from an old inefficient boiler.
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Gas prices have become unaffordable
Since the energy price cap increased and bills started to average around £2,000 per year for households in the UK, a new boiler installation has become the go-to option to try and keep gas bills and costs down. And like we say, this may not be an option for people who can’t afford a new boiler.
ECO & Free boiler grant schemes
The Energy Company Obligation scheme was launched by the government in April 2013. It helps low-income, fuel-poor and vulnerable households to get a free replacement boiler when their existing boiler stops working.
You can apply for an energy-efficient replacement boiler through the UK Government’s boiler replacement program if you don’t have the funds.
There is no worse feeling than when your boiler suddenly stops working. Although they are a mainstay of your home, you will only notice how dependent you are on them when things go wrong. But what do you do when your boiler breaks down? Even the most cost-effective boilers don’t come cheap.
Luckily, the Government’s ECO scheme can help you save hundreds, if not thousands, of pounds on your boiler replacement.
This article will answer any questions you may have about how to save money on your boiler.
What is the ECO Scheme?
This Government-backed initiative stands for the Energy Company Obligation scheme. It puts energy efficiency first, and aims to reduce fuel poverty and carbon emissions in Britain.
There are many forms of financial assistance, but the ECO Scheme is still the most widely used and popular way to qualify for a free boiler or heavily subsidised grants.
Some of the biggest energy companies include but are not limited to:
- British Gas
- Scottish Power
The scheme was originally established in 2013. It is currently in its third iteration, ECO3, which will last until March 2022. ECO4 will follow. This fourth version is currently in consultation.
The Affordable Heat Obligation is a core tenet of the ECO scheme. Apart from implementing carbon-reducing measures such as central heating and cavity wall insulation, the Affordable Warmth Obligation also grants boiler grants to repair or replace broken boilers.
It is estimated that up to 2.5 million people could be eligible for boiler grants in the UK. These grants are available to anyone who is eligible.
The ECO3 scheme requires energy suppliers to the UK of medium and large size to comply with an obligation known as the Home Heating Cost Reduction Obligation. This obligation, according to OFGEM, requires suppliers to encourage the installation of measures that result in financial savings on energy bills like the ones mentioned (ie. Insulation and heating systems
The eligibility of you for a grant under ECO3 or Energy Company Obligation is determined by your income and whether or not they are available to you. This list includes:
Armed Forces Independence Payment
Constant Attendance Benefit
Disability Living Allowance
Pension Guarantee Credit
Income-related Employment and Support Allowance
Income-based Jobseeker’s Allowance (JSA).
Industrial Injuries Disablement Benefit
Individual Independence Payment
Severe Disablement Allowance
Tax Credits (Child tax credits and Working tax credits)
A grant may be available to you if your home has an EPC rating of F, E, or G. To access the EPC certification finder, click here.
The ECO scheme does not require you to be a homeowner. However, if you are a tenant you will need permission to apply from your landlord, social housing provider, or property management company to get access to the free boiler grants. The ECO3 installer will be able to seek funding from any medium or large energy company.
Our experience shows that properties with outdated heating systems, poor insulation, and properties with cavity walls, are more likely to be able to obtain fully funded measures. The more efficient the heating system in a home, the more likely it is that the measures will be fully funded. This is especially true if you do not have a gas boiler. Your energy bills and heating costs will tell you if your home’s efficiency is low.