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Assignment of Rights

 

Making Renewable Heating Accessible to All

 

 

 

Switching to a renewable heating system can be expensive. Government incentives make converting to low-carbon heat very appealing, but funding the installation of a system remains too big a hurdle for some homeowners.

At Thermal Earth, we want to bridge that gap. We want to make renewable heating systems accessible to all.

Under the “Assignment of Rights” option of the Domestic Renewable Heat Incentive scheme, you can now allow Thermal Earth to act as a nominated registered investor to your new air source or ground source heat pump system.

We will cover the upfront installation cost of a renewable heating system in exchange for the rights to claim the Domestic RHI payments.

With Assignment of Rights we can convert even more homes to low-carbon heating. We can remove the expense barrier that is holding many homeowners back. By removing the financial barrier, we can give everyone access to cheaper, emissions-free heating.

 

A background to Assignment of Rights

Depending on the size and construction of your home, and whether you are installing an air source or ground source heat pump, a renewable heating system can range between £10,000 and £30,000.

To make switching to low-carbon heating more enticing, the government created the Renewable Heat Incentive. RHI is a scheme that pays homeowners over a 7-year period for the heat produced by their renewable heating system. RHI payments, combined with significantly lower energy bills, means homeowners quickly gain back their investment.

For some homeowners, though, the upfront installation cost is too expensive, holding them back from converting to low-carbon heating. That is, until now, with the introduction of “Assignment of Rights”.

Assignment of Rights is an option under the Domestic RHI that allows homeowners to let an investor fund the upfront costs of purchasing/installing a renewable heating system. In exchange, the homeowner passes their right to the payments from the Renewable Heat Incentive onto the investor. The investor is then re-paid through quarterly payments over a course of 7 years, based on the rules set out in the Domestic RHI.

 

How does Assignment of Rights to Thermal Earth work?

Thermal Earth is a registered investor with Ofgem – the government’s heat and electricity regulator. As the nominated investor, we cover the cost of the equipment and installation to fit your property with a renewable heating system.

Our knowledgeable, experienced team will work with you to design, install and maintain a renewable heating system that is perfectly suited to your property. We use our knowledge and experience to get your home working at maximum efficiency. In turn, you stand to save between 30-50% on your annual energy bills while dramatically reducing your carbon footprint.

It’s important to note that you as the homeowner remain the owner of the heating system, not Thermal Earth. It is the homeowner’s responsibility to apply for the Domestic RHI scheme and to nominate Thermal Earth as the registered investor. Our team can help you through all stages of the application process.

 

Homeowner obligations under Assignment of Rights

Although Thermal Earth fund the upfront cost of the heating system, we do not own the system. It is the responsibility of the homeowner to ensure the rules of the Domestic RHI scheme are followed to ensure ongoing payments are still made. These rules include:

  • Keeping the heat pump well maintained and in good working order
  • Contacting Thermal Earth immediately if any changes are needed to the system (i.e. something stops working or needs replacing)
  • Informing Thermal Earth or Ofgem if you intend to sell your home. The ownership and agreement of the heating system usually transfers to the new residents.

 

Choosing Thermal Earth as a nominated investor

With Thermal Earth as the nominated investor to your renewable heating system, you will benefit from our vast knowledge and experience. As the UK-exclusive distributor of MasterTherm heat pumps, we incorporate the very latest heat pump technology into UK homes.

MasterTherm’s air source and ground source heat pumps com complete with full online functionality and a 7-year warranty. Added to this Thermal Earth are on hand to provide expert advice and guidance on how to use and maintain your heat pump system.

We may also suggest upgrades to compliment your heating system, resulting in great levels of efficiency. These might including our highly efficient range of QRL radiators or an underfloor heating system.

 

Switch to low carbon heating today

If you’re interested in switching to a renewable heating system under the Assignment of Rights, contact us today for more information.