Cheltenham company raises £3 million via crowdfunding to accelerate ground source heat pump adoption

Renewable Heat Holdings, one of the UK’s largest owner-operators of ground source heat pump systems, has succeeded in raising £3 million in crowdfunding via Triodos Bank to accelerate the installation of ground source heat pumps in the UK.

Currently, 78 per cent of energy used to heat buildings is powered by gas. The transition to low energy heating remains significantly behind renewable electricity generation in the UK and is central to the plan to reach net zero. RHHL’s ground source heat pumps replace traditional gas boilers, with all of its existing systems having been installed in new-build retirement homes.

RHHL owns and operates more than 70 projects with a combined capacity of 11.55 MW, generating more than 17,000 MWh of renewable heat per year. The company generates income through payments under the government’s Renewable Heat Incentive (RHI) scheme for each of the projects.

Cheltenham-based RHHL retains ownership of the entire renewable heat system and leases the client’s plant room for 20 years. The company is responsible for maintaining and servicing the heat pump and ensuring the system provides heat and hot water. At the end of the 20-year lease, the entire heat pump system passes to the client. Residents receive hot water and heating and pay only for the electricity to power the pumps.