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REGULATORY ASSISTANCE PROJECT THE PERFECT FIT | 25 PART4 Making Fit for 55 package the perfect fit for heat pumps The scale of change needed for the EU to meet its 2030 climate and energy targets is vast. But despite the centrality of heat pumps to European (and global) strategies for energy decarbonisation, policies and targets specifically looking to drive heat pump deployment have not been developed thus far at this level of governance. However, EU policymakers are beginning to recognize the need for change, and the European Green Deal is giving momentum for a coordinated and concerted push to improve the enabling framework for heat pumps through EU legislation. Significant energy policy and regulatory reform is currently underway, linked to the Fit for 55 package and the European Green Deal. The current reforms provide a clear opportunity for developing policy to be shaped in a way that makes the package the perfect fit for heat pumps. This chapter considers the three elements of heat pump support strategies mentioned previously: pricing and economics, financial support, and regulatory standards. Under each of these sub-headings, we consider how the European Commission’s Fit for 55 proposals currently drive the uptake of heat pumps across EU Member States, and how this could be increased with further modification. 4.1 The importance of pricing Policymakers should ensure that there is a clear financial incentive for building owners to invest in heat pumps. As described in Section 2.2, the levelized cost (or system cost) of heat pumps is made up of two elements: capital costs and running costs. In general, heat pumps have higher upfront costs than fossil-fuel alternatives, and transition costs are particularly high for the first-time switch from a fossil-fuel system to a heat pump. As explained previously, the main running costs (associated with electricity used by the heat pump) will be determined by the cost of electricity, the COP of the heat pump, and the overall heat demand of the building. Figure 1031 below illustrates the impact that changes to pricing can have on the relative lifetime costs of heat pumps compared to gas heating. Increasing taxes on fossil fuels can reduce the cost differential, as can the removal of taxes and levies from electricity and the provision of subsidies to building owners. As was mentioned in section 2.2.1, in the context of pricing, it is important for policymakers to bear in mind that the first-time switch to a heat pump will be more costly than subsequent boiler replacements. 31 This example is illustrative and represents the fact that first-time heat pump retrofits are likely to cost more than gas heating across the EU. It includes a representation of appliance costs, but it should not be seen as quantitative because of geographical variations in energy pricing, heat demand and other factors.PDF Image | RAP Perfect Fit Heat Pump
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