Our market figures are out! 3.02 million heat pumps were sold in 2023 in 21 European countries. That's a drop of 6.5% on the previous year. If annual sales stay at this level of around 3 million, there will be 45 million heat pumps in Europe in 2030. This is 25% less than the EU's aim of 60 million, according to its climate modelling... Such a gap would be a blow to Europe's net zero industrial leadership and its path to net zero. The heat pump sector represents €7 billion of investments and provides around 170,000 direct jobs. The total heat pumps now installed in Europe avoid 7.3 Megatonnes (Mt) of CO2 every year. But why have sales slumped, and what does this mean? Two key things: 1) Changing national policies. For example, in the Netherlands, stable policies have boosted growth... While in Italy, a changing support scheme shook consumer confidence. 2) Energy prices. Specifically, gas prices becoming cheaper compared to electricity, where bills are often heavily taxed. The chart below show the relationship between energy prices & heat pump sales! We know that the future is bright for heat pumps. They are gaining market share on boilers all the time - see those upwards lines on the graph. But we need to speed it up, and maximise the potential. How? Two essential steps: 1) Stabilise policies through the EU Heat Pump Action Plan. Due out several months ago, unexpectedly postponed - it should be published fast by the new European Commission! 2) Ensure taxes are moved away from electricity bills to correct the energy price distortion & allow heat pumps a fair chance. If we do this we can boost Europe’s clean tech expertise and help ensure a future competitive net zero economy! All while helping decarbonise the heating & cooling sector. Read our press release for more: https://lnkd.in/eVtnd_Cq #heatright
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