The study explores the impacts of meeting the EU’s REPowerEU goal for heat pumps.
It finds that doing so could bring substantial economy-wide benefits.
Heat pumps are a highly efficient heating technology – they reduce household energy bills and improve Europe’s energy independence.
Installing 60 million more heat pumps by 2030, in line with the EU targets, would reduce the EU’s gas demand in buildings by 40% by 2030 compared to 2022 and reduce its energy import bill by €60 billion.
More heat pumps and energy renovations also help protect consumers from future energy price shocks and lift people out of energy poverty. Average heating bills would fall by 20% by 2030 compared to a business-as-usual scenario.
Based on modelling by Cambridge Econometrics (see the full technical report here or below if on a browser), this report by the European Climate Foundation and the European Heat Pump Association uses the higher current and likely future energy prices following by the Russian invasion of Ukraine.
The study compares the 60 million more heat pumps by 2030 scenario to a business-as-usual one with a continued high reliance on fossil fuel boilers.
Read the Press Release
Full report (scroll down for country fact sheets):
