September 14, 2020

1 in 3 Homeowners Can't Afford a New Boiler

A recent survey from Which? revealed over 33% of UK households can’t afford to cover the cost of a new boiler.

1 in 3 Homeowners Can't Afford a New Boiler

A recent survey from Which? revealed over 33% of UK households can’t afford to cover the cost of a new boiler.

According to The Energy Saving Trust, the average boiler replacement costs £2,300, but can cost anywhere between £1,500 and £3,500+, depending on the boiler and complexity of the job.

However, the survey shows that the average amount households have set aside for household repair costs is just £765. This is £1535 less than the typical boiler replacement cost.

In April 2013, the government launched the Energy Company Obligation (ECO) scheme that helps to support low income, fuel poor and vulnerable households by providing them with a free boiler replacement when their current boiler no longer works.

It is estimated that around 230,000 households qualify for the scheme, though this accounts for only 2.48% of those who cannot afford a new boiler.

Boiler cover companies often use these figures to promote insuring your boiler, but financially, boiler cover doesn’t make sense unless you’re willing to spend hundreds unnecessarily.

Not to mention, most packages don’t actually cover the cost of a boiler replacement, only the repairs.

Buying on finance

If you’re worried about your boiler breaking down and not having enough saved to replace it, online boiler installers such as iHeat offer different finance plans.

iHeat Boilers for £10.32

iHeat offers boilers and installation from as little at £10.32/month at 9.9% APR as well as plans with 0% APR for 2 years with no hidden charges so you can spread the cost in a way that suits you.

However you choose to buy your new boiler, iHeat can provide you with a reliable and efficient boiler that can knock off up to £315 off your fuel bills every year.

Fixed Quote Boiler

At iHeat we offer you the chance to receive a completely free fixed quote, through our online quotation service which can be found here. If you need help with this, or have any further question please don't hesitate to call us on 0333 305 6880.

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