SolarPower Europe launched its ‘Solar Powers Heat 2023’ report revealing how solar PV and heat pumps empower households to reduce gas use and save on energy bills.
When installed together, solar PV and heat pumps saved households in Germany, Spain, and Italy between 62% -84% on annual energy bills in 2022. Compared to homes reliant on gas heating and without solar panels, households in Germany, Spain, and Italy saved up to €3,700 last year.
PV and heat pumps are a good match year-round
Europeans with solar PV + heat pumps can expect to continue to save up to 76% on monthly bills in the years to come, according to the report.
New modelling shows that solar PV and heat pumps are compatible year-round. Solar PV can meet up to 63% of heat pump electricity needs annually.
Beyond the extraordinary energy prices seen in 2022, households with solar PV and heat pumps installed together can expect to enjoy savings well into the future.
Even if gas prices drop to pre-crisis levels, solar PV + heat pump installations will still save households up to 73%. In the more-probable scenario where gas prices stabilise at a higher level, European’s will save up to 76%.
The ‘Solar Powers Heat 2023’ report reveals that solar PV + heat pump act as a dynamic duo, defying the misconception that sun-dependent solar PV can’t contribute to ‘heating season’. New numbers show that, in all weathers, residential solar PV makes a meaningful contribution to decrease demand-pressure on electricity grids.
Return of investment within 10 years
Even in years with particularly cold winters, in northern Europe, solar PV can contribute 36% of a heat pump’s needs. In years with (increasingly common) warm winters, up to 63% of a heat pump’s electricity needs can be met by solar PV.
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The analysis finds remaining challenges in bringing this benefit to all Europeans. EU and national-level policies are needed to ensure that owners of solar PV + heat pump combos see a return on investment within 10 years.
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“The best time to install solar PV + heat pumps was yesterday. The next best time is now. European policymakers need to bring the benefits of gas-free homes to the wider population. Payback times must be reduced for new solar PV + heat pumps through supporting household upfront investment and offering loans at low-interest rates. Policy makers should also level the playing field and end all state support for fossil gas heating“, Dries Acke, Policy Director at SolarPower Europe commented. (hcn)
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