The proposal would terminate the boiler upgrade scheme, which currently provides households with financial support towards installing heat pumps.

Reform argues the savings should instead fund reductions in taxation and lower household energy costs through cutting green levies.

The party contends these subsidies primarily benefit affluent homeowners rather than ordinary working families.

The party estimates combined spending on heat pump grants and carbon capture, usage and storage schemes will reach £12billion by 2029, rising to £4billion annually during the following decade.

Chancellor Rachel Reeves has committed £9.4billion to carbon capture projects between now and 2029, extending a programme initiated under the previous Conservative government that envisages tens of billions in expenditure over 25 years.

Parliament’s public accounts committee has previously raised concerns about this approach, warning that ministers were backing “first-of-a-kind, unproven technologies” and expressing doubts about whether the projects would capture anticipated levels of carbon dioxide.

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Official statistics reveal that more than half of those receiving heat pump subsidies either earned above £52,000 annually or resided in properties with four or more bedrooms.

The devices have faced scepticism from both homeowners and industry specialists, who argue they lack sufficient power to adequately heat older properties and prove costlier to operate than traditional gas boilers.

Despite Government grants, median installation expenses have remained around £13,000.

Last year saw 31,000 households access funding for heat pumps or similar low-carbon heating systems, though ministers aim to dramatically increase this to 400,000 installations annually by 2030.

Fewer than 300,000 heat pumps have been purchased since 2019.

Mr Jenrick told The Telegraph: “Taxes are at record highs because Labour are wasting tons of people’s money.”

He questioned why the government had “hiked taxes on those on middle incomes just to give well-off people £7,500 for switching to a heat pump, that most people don’t want in the first place? It’s mad.”

The economy spokesman added that Ed Miliband “is going to bankrupt us and send energy bills even higher” through spending on carbon capture, which he described as “an unproven technology we don’t need.”

A Labour spokesman responded that it was “staggering” Reform would oppose products capable of reducing consumer energy bills, accusing the party of wanting to “wage war” on clean energy employment.

The announcement comes after the Government announced the long-awaited Warm Homes Plan. The scheme promises to provide £15billion to households across the UK over the next five years, as well as introducing new rights for renters.

The Government has said it wants to create a “rooftop revolution”, tripling the number of homes with solar, and lifting one million people out of fuel poverty.

The plan has been strongly welcomed by the energy and finance industry, but the Conservative Party said the scheme will “saddle households with high ongoing running costs”.

Even with Government support, households that can afford to pay still face significant upfront costs when installing low-carbon heating systems. After the grant is applied, the average cost of installing a heat pump is estimated to be around £5,000.

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However, installing a heat pump alongside other energy-efficiency upgrades in a typical three-bedroom semi-detached home could cut annual energy bills by roughly £500, according to estimates.

Some campaign groups believe the potential savings could be higher. Analysis by Nesta and the MCS Foundation suggests households could reduce their bills by more than £1,000 a year in certain cases.

Speaking about the wider push to improve home energy efficiency, Keir Starmer said: “A warm home shouldn’t be a privilege, it should be a basic guarantee for every family in Britain.”

Mr Miliband added that the “cost of living crisis is the biggest issue the country faces” and argued that “upgrading homes is a crucial part of getting bills down”.