Levelised cost of heat for coal or natural gas boilers, electric boilers and heat pumps in selected regions, 2024

Notes

Energy prices (reflecting 2024 yearly averages) are USD 3-10 /GJ for coal, USD 4-25 /GJ for natural gas and USD 20-60 /GJ for electricity. The Weighted Average Cost of Capital range is 8%-12%. CO2 prices are included where schemes apply. The heat pump coefficient-of-performance is 3.5. Assumptions on other technoeconomic parameters, such as efficiencies and capital expenditure, remain fixed. Grid connection costs are excluded from the analysis due to uncertainty.