Annual bill savings when switching to heat pumps in key markets, 2021-2022

Sources

IEA (2023), Energy Prices (https://www.iea.org/data-and-statistics/data-product/energy-prices). IEA (2023), Global Energy and Climate Model, (https://www.iea.org/reports/global-energy-and-climate-model).

Notes

The difference in annual heating cost between natural gas boilers or furnaces and heat pumps for average annual heating needs. Columns refer to the range of bill savings for France, Germany, United Kingdom and United States. Bill savings depend on buildings insulation and climate conditions and can be even higher in countries with more favourable energy taxation and tariffs (see https://www.iea.org/reports/the-future-of-heat-pumps).