HOT OF THE PRESS: New report by @RegAssistProj @e3g sets out how the UK can meet and exceed its target of 600,000 heat pumps by 2028.
To meet the target the installation rate needs to increase 25-fold. Here's how to achieve this. 1/7
raponline.org/knowledge-cent…
To meet the target the installation rate needs to increase 25-fold. Here's how to achieve this. 1/7
raponline.org/knowledge-cent…
Existing policy is insufficient to deliver on the target and falls short by close to 50%. The gap is even larger to the @theCCCuk trajectory required for net zero. 2/7
We will need a policy package consisting of 4 elements:
1) financial support especially for low-income households
2 structural reform of bills and stamp duty
3) regulatory backstop in early 2030s
4) all of this underpinned by robust governance framework
3/7
1) financial support especially for low-income households
2 structural reform of bills and stamp duty
3) regulatory backstop in early 2030s
4) all of this underpinned by robust governance framework
3/7
A modest carbon tax of £50/t CO2 on heating fuels would be sufficient to fund the required heat pump uptake with subsidies tapering off over time as equipment costs fall. 4/7
Levies and taxes on electricity versus gas need structural reform. The current set-up disincentives switching to heat pumps. 5/7
Shifting taxes and levies, a carbon tax and reduced equipment cost reduce the need for subsidy. 6/7
Finally, a regulatory backstop in the early 2030s similar to petrol and diesel cars will provide the market with certainty and ensure we meet net zero. 7/7
Should have been “off the press” not “of”. Clearly need a second coffee!
also relevant for US colleagues @energysmartohio @Negawatt_Nate @brucenilles @spantano @jgkoomey @RachelEGolden
Also massive thanks to @meredith_annex and @jbuckland13 who reviewed the report and provided useful feedback.
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