New report: Solar PV + Heat Pump combos saved Europeans up to 84% on household energy bills in 2022
SolarPower Europe launches 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. Europeans with solar PV + heat pumps can expect to continue to save up to 76% on monthly bills in the years to come. 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.
In 2022, European households with solar PV + heat pumps installed saved up to 84% on their household bills. Compared to homes reliant on gas heating and without solar panels, households in Germany, Spain, and Italy saved up to €3,700 last year.
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%.
‘Solar Powers Heat 2023’ 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.
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.
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.
- Solar Powers Heat 2023 | Solar PV + heat pumps empower households to reduce gas use and save on energy bills. 62% -84% saved on annual energy bills in 2022. Read the report