3. Special Contributions-3.1 The European Heat Pump Market Set Record Sales in 2015
The European heat pump market maintains positive growth despite historic low prices on oil and gas. The sales of heat pumps in Europe increased by 10% (number of heat pump units) and reached an all-time high according to market statistics collected by the European Heat Pump Association (EHPA). In total 880,179 heat pumps were sold in Europe in 2015.
The inverse oil price shock has increased the spark spread and blocks the retrofit market in most of Europe. The mild winter 2015 in combination with low price on gas took away the burden of the heating bill for many households in Europe and plans on energy efficiency measures were further postponed. Existing subsidy schemes supporting the renovation market are not sweet enough to compensate for the price difference between electricity and fossil fuel. With the exception of a few countries, primarily Sweden and Norway, the investments made in renewable heating are directly linked to the current oil price level.