ILES Heat Pump and Thermal Battery Project

QMPF advised Fyne Homes in considering the use of a combination of Air Source Heat Pumps (“ASHPs”) and thermal battery technology to supply the domestic heating demand of its tenants. Deployment of the ASHP and battery heating system was aligned with the Housing Association’s strategic priorities of tackling fuel poverty, demonstrating an off-grid heating solution and reducing carbon emissions. An estate of houses owned by Fyne Homes was selected to assess the viability of the scheme, which demonstrated potential reductions in annual resident heating costs by up to 66% compared to the electrical heating systems currently in use by the residents.

QMPF developed a financial model for the scheme and drafted the financial section of the Investment Grade Business Case produced for the project. QMPF developed a model that quantified the financial impact of the scheme for both Fyne Homes and local resident savings. QMPF worked closely with the technical advisors (Atkins) to establish the base case for the scheme and run sensitivities around this base case, including assessing the impact of various grant funding amount scenarios.

This project had secured funding under the Innovative Local Energy Systems (“ILES”) programme run by the Scottish LCITP to provide support to develop an investment-ready business proposal. QMPF was sub-contracted to Atkins on this remit.