Heat pumps in 140 million U.S. homes by 2050 — that’s the goal laid out in Rewiring America’s recent report on the pace of home electrification. It’s a daunting target for a country that had heat pumps in only 17 million homes in 2020.
But we’re not that far off. According to Rewiring America, the U.S. is currently on track to install about five million heat pumps by 2025, only about two and a half million short of the pace we need to reach 140 million homes by midcentury.
So what can we do to close the gap? What about other major categories of home electrification like water heaters and induction stoves — are we on pace to reach net-zero targets there?
In this episode, Shayle talks to Stephen Pantano, head of market transformation at Rewiring America, about the organization’s Pace of Progress report. They cover topics like:
- The adoption targets for water heaters, induction stoves, and other efficient home appliances
- The roughly $9 billion in incentives in the Inflation Reduction Act that could accelerate adoption
- The need for more data to get a better understanding of where and how to speed up adoption
- Why heat pumps are a growing share of a shrinking heating and cooling market, and how that’s impacting slumping heat pump sales
Recommended Resources:
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Rewiring America: Pace of Progress
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Canary: New plan aims to quadruple heat-pump adoption in 25 states
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Canary: Heat pumps outperform boilers and furnaces — even in the cold
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Catalyst: How has US industrial policy impacted climatetech investment?
Sign up for Latitude Media’s Frontier Forum on January 29, featuring Crux CEO Alfred Johnson, who will break down the budding market for clean energy tax credits. We’ll dissect current transactions and pricing, compare buyer and seller expectations, and look at where the market is headed in 2024.
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