Switching to green heating and transport can cut EU household energy bills by thousands of euros every year, even before accounting for fossil fuel shocks, according to a new report.
The analysis by Danish green think tank CONCITO found that investing in heat pumps and electric vehicles (EVs) alone can provide equal savings to almost two years of free heating for an average EU household. Experts say these savings could be even greater if national governments adjust energy taxes and when power is used during off-peak hours.
Researchers analysed five EU states and found that energy bill savings varied significantly based on local energy prices and household energy demand. However, the savings were “substantial everywhere”, with the EU average hitting €2,200 per year.
How much could a heat pump and EV save you?
The report found that German households could save at least €1,950 annually by switching to a heat pump and an EV, which is roughly equivalent to a year of free home heating.
