Mitsubishi Electric

Mitsubishi Electric: Spring Budget is an opportunity to decarbonise heating

  • 4 Mar 2024

The following is expert comment from Russell Dean, Residential Product Group Director at Mitsubishi Electric, ahead of Wednesday’s Spring Budget…

“In this week’s Spring Budget, we hope to see the government put a renewed focus on decarbonising the UK and reaching the target of 600,000 heat pump installations annually by 2028.”

“New research from YouGov has revealed that less than a quarter of MPs believe the government is on track to reach these targets – so more must be done to ensure uptake.

“To do this, Mitsubishi Electric is calling for the government to rebalance the cost of electricity and gas. The cost of electricity in the UK is higher than the cost of fossil fuels. From April, gas prices will be capped at 6p/kWh while electricity will be capped at 24p/kWh – which puts unfair costs onto households wishing to adopt and install heat pumps.

Mitsubishi Electric

“Rebalancing this cost would make electricity more affordable – particularly relevant at a time when the cost-of-living is causing huge strain on families across the UK. It would also move household energy requirements away from fossil fuels and volatile oil and gas prices, back UK energy security as the nation moves to renewable energy sources, and help to grow the green economy and jobs in Britain.

“In the long term, we would like to see levies removed from electricity bills to balance these costs. In the short term, we support the Heat Pump Association’s call for a Domestic Heat Pump Tariff Discount, which would reduce the price of electricity used for hot water and heating produced by a domestic heat pump.”

Mitsubishi Electric Living Systems,
Travellers Lane,
AL10 8XB
United Kingdom

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