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26 | THE PERFECT FIT REGULATORY ASSISTANCE PROJECT Figure 10. Ilustrative examples of the impact that pricing can have on the relative economics of heat pump retrofitting compared to gas boilers In most Member States, current gas prices do not reflect the environmental impact of gas heating. Adding a carbon cost to gas increases the relative cost of gas heating. Depending on the tax level, even with a carbon price on gas, the annualised cost of a first-time heat pump retrofit may be higher than gas heating. Reducing taxes or levies on electricity can have a positive impact on the economics of heat pumps. Providing subsidy to building owners can further improve the economics of heat pumps. Current annualised cost of gas heating. Annualised cost of gas heating with an additional carbon price of £500/tonne. Current annualised cost of heat pump heating after switch to first heat pump. Annualised cost of heat pump heating with some taxes and levies removed from electricity. Annualised cost of heat pump heating with some taxes and levies removed from electricity and the addition of financial support. Source: This example is purely illustrative and is intended to show the relative cost impacts of different policy measures on first-time heat pump retrofit costs compared to gas heating. Because heat pumps are a cost-effective zero-carbon technology, putting a price on carbon emissions from heating fuels would shift overall market pricing away from fossil fuels towards heat pumps (depending on the price used). Policymakers, however, need to consider the response of consumers to potential carbon prices and ensure that: 01 02 Ongoing heat pump running costs are cheaper than fossil fuel alternatives, something that putting a carbon price on fuels should help to achieve; and Capital is available to support building owners in upgrading their heating systems to heat pumps, including where necessary for improvements to the building envelopes and changes to hydronic systems to enable lower flow temperatures. Elements of the Fit for 55 package could support shifting overall energy system prices towards heat pumps, but greater consideration of heat pumps in the revisions is needed. Revisions to the EU ETS and EU tax directive are considered in the following two sections. Total annualised cost of heating systemPDF Image | RAP Perfect Fit Heat Pump
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