Heat pumps are becoming increasingly popular, but one major concern for potential buyers is whether they can recover the significant initial expenses through long-term savings.
Despite the intensifying focus on climate change, the market for heat pumps in Europe experienced a decline for the first time in a decade, according to data from the European Heat Pump Association (EHPA) for the year 2023.
tend to sell less.
If you’re considering purchasing a heat pump in Europe, what are the available alternatives?
Efficient Solutions for Your Home Without the Initial Investment’
Did you know that heat pumps can be a great way to conserve energy and reduce your energy bills? But what if you thought you couldn’t afford the upfront costs of installation?
Well, you’re not alone! Many people assume that heat pumps are a luxury only the wealthy can afford, but the truth is that the benefits of heat pumps far outweigh the costs. In fact, the UK government itself has introduced rules that require new homes to install heat pumps from 2025.
So, what are the benefits of heat pumps?
1. Replaces traditional fossil fuels like oil and gas
2. Low maintenance and minimal noise levels
3. Can be used for both heating and cooling
4. Increases property value
5. Reduces carbon emissions by up to 70%
6. Can be powered by renewable energy sources
Now, let’s talk about the costs. While installing a heat pump may seem expensive upfront, it’s actually a long-term investment that can save you money on energy bills in the long run.
It is undeniable that low-carbon heating alternatives come with a hefty price tag: installing an air source heat pump costs around £10,000 (€11,500), which is at least double the price of traditional gas boilers.
In 2022, Saunier Duval aims to make heat pumps available to European homeowners by providing the environmentally friendly heating technology through a subscription-based service.
“Our main goal is to make heat pumps widely available to Europeans, and to achieve this, we provide flexible, manageable monthly financial options for customers,” said Martin Lewerth, CEO of the company.
The provider quotes an initial cost of round-aboutly £5,490 (approximately €6,600).
To assist with financial expenses. These measures are intended to aid house owners in changing their homes to heating systems that do not employ fossil fuels.
Where can you purchase or lease a heat pump through a subscription model?
Italy and the United Kingdom, the government targets to convert five million households to heat pumps within the next decade.
It failed to state the exact number of heat pumps installed, stating that it is monthly “visiting thousands of homes”.
A survey conducted by Aira revealed that nearly 50 percent of households in these countries would strongly consider installing heat pumps if they perceived them as financially accessible, highlighting the significant economic hurdles that still exist to widespread adoption of green energy technologies.
Is a heat pump a suitable option for my home heating system?
Heat pumps are adaptable for all types of constructions.
The technology was found to be effective in various types of buildings from different eras, including historic Victorian terraces and 1960s apartment blocks.
Lewerth notes that the growing awareness about the technology is a recent development, yet he emphasizes that “the technology itself is not new.”
Heat pumps have been warming homes in Scandinavian countries for several decades, with one country in particular, Sweden, boasting heat pump installation rates of over 60 per cent. Moreover, in Sweden, only a small fraction of the nation’s carbon emissions – one per cent – emanates from residential heating. Conversely, in the UK, a mere one per cent of households have made the switch to heat pumps, a ratio mirrored in Germany, which also stands at three per cent, whilst Italy’s rate is slightly higher, at eight per cent.
Eligible homeowners and businesses across Europe are eligible for financial assistance to help cover the cost of installing and maintaining heat pumps.
The European Heat Pump Association suggests instructors offering grants up to €18,000 to residents to reduce energy costs. Some grant programs also consider the financial situation of applicants. In addition, EHPA is urging policy makers to reduce the electricity cost, especially compared to gas expenses.
“The heating, heat pump subsidies need to be maintained in the long term,” Jozefien Vanbecelaere, Head of EU Affairs at the EHPA, said previously to Euronews Green.
