Green Technology Savings
Switching to an Air Sourced Heat Pump, or
an EV can save money on fuel costs. Installing solar PV can
save electric costs, but how much? This page attemps to answer that by showing the yearly operating
savings of each technology.
Information on this page was updated in the Winter of 2022, using data from Domestic Heating Comparision, Manx Utilities Domestic Tariffs and IOM Petrol and Diesel Weekly Price Monitoring.
HOME HEATING
Domestic heating normally accounts for the highest fuel costs on the Island (and the most CO2), as can be seen an average 4 bed semi would save £2259 per year with a Air Sourced Heat Pump vs a Gas boiler. In this example a heat pump would pay for its self in only 3.8 years (assuming a new gas boiler costs £2000).
Costs to operate each type of heating was taken directly from
the Manx Goverment Domestica Heating Comparison. Learn more
about Air Source Heat Pumps.
ELECTRICITY
The average home on the Island consumes 4000 kWh of electric each year, costing £880
at the current rate of 22p per kWh. Adding an average 5kW solar PV array
to this home would generate 5000 kWh per year, at a cost of £9051, expected 30 year life. The array would cost 7p for each unit of electric it generates,
assuming half used and the other half was sold back to Manx Utilities for 8.2p, this solar array would save £755 per year, effectively this example home would have next to no electric bill
(4000kWh does not include charging an EV or electric heating), for lifetime of the array. A great investment to significantly reduce electric costs..
TRANSPORT
There are good fuel cost savings to be made from driving an EV, for many
saving over £1000 per year, couple with lower road tax and reduced servicing costs.
Calculations
Electric power figures were calculated using the MUA supplied 400g /
kWh for power generation 2021, 18.8p / kWh for comfy heat
avereaged over the day,
night 12p charging for EV.
Natural Gas boiler
CO2 per equivalent kWh of heat: 215g / kWh, 20p / kWh
Oil CO2 per equivalent kWh of heat: 320g / kWh, 10.80p /
kWh. CO2 figures.
Average housing heating figures derived from Energy
Consumption Calculator and Actual Energy Consumption Calculator
EV efficiency of 0.15 kWh / km from a
Tesla Model 3. 6000 miles per year, or 9656 km, requiring 1448 kWh to charge.
Car mpg/CO2 figures: small 55mpg, 118g / km, mid sized 37mpg, 167g / km, SUV 27mpg, 232g / km
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