Rendesco, a UK-based ground-source geothermal heat developer, recently announced it is developing a gross pipeline of more than £150m ($187m) to accelerate the rollout of low-carbon heating (heat pumps) in new-build housing developments across the country.
The investment will help the industry achieve the UK Government’s target of 600,000 heat pump installations per year by 2028, as well as help developers comply with the UK’s Future Homes Standard. Coming into force by 2025, the standard will require all new-build properties to be fitted with low-carbon heating technologies – predominantly heat pumps – in a move away from natural gas-fired boilers.
Instead of burning fuel, ground-source heat pumps take heat from boreholes – which extend just below the Earth’s surface – and transfer it to homes via concealed pipework. This either comprises a large central heat pump heating numerous homes in a single development, or smaller heat pumps fitted to individual homes. These heat pumps can save up 18 tonnes of CO₂ per property compared with gas boilers and three tonnes of CO₂ compared with air-source heat pumps, according to Rendesco.
Rendesco’s new-build home solutions are owned by Last Mile Heat, a joint venture between Rendesco and Last Mile Infrastructure, a utility infrastructure partner.
“In this funding commitment, we are proud to be setting the standard for UK private sector investment in clean heat networks,” said Alastair Murray, Rendesco’s founder and CEO, in a press statement. “Our pipeline demonstrates the fantastic progress with our Last Mile Heat joint venture and means we can offer our clean heat solutions to even more housebuilders.
“The UK’s clean heat market needs greater innovation – and quickly – if we are to effectively decarbonise the country’s homes and buildings. This is where Rendesco’s solutions come in, providing low-cost, low-carbon options for housebuilders, and ultimately householders, to power their homes with clean heat.”