According to a report by SolarPower Europe, households in Germany, Spain and Italy that had installed photovoltaics and heat pumps saved up to 84% on their bills in 2022. In contrast to households that use natural gas for heating, these households saved up to 3,700 euros last year.
Even if natural gas prices fall to pre-crisis levels, households will save up to 73%. In the event that natural gas prices stabilize at higher levels, Europeans will save up to 76%. Therefore, these households can expect significant savings in the future.
“Solar Powers Heat 2023” reveals that the combination of photovoltaics and heat pumps can act as a powerful ally, dispelling the misconception that solar panels cannot contribute to heating. New evidence shows that residential PV can significantly reduce electricity demand in all weather conditions.
Even in years with particularly cold winters in northern Europe, they can contribute 36% of a heat pump’s needs. In years with warm winters, up to 63% of a heat pump’s electricity needs can be met from photovoltaics.
The analysis says challenges remain to ensure these benefits are delivered to all Europeans. Policies at EU and national level are needed to ensure that those installing panels and pumps see a return on investment within 10 years.
