...AND CHEAPER...:

First off, the technology has improved. And that's made heat pumps seemingly ideal for grappling with several crises the world faces today.

Both the COVID-19 pandemic and Russia's war in Ukraine have contributed to a global gas crunch. It's gotten much more expensive to heat your home with gas or rely on a gas-fired power plant to keep the lights on.

That energy crisis is really stark in Europe, where the cost of gas has risen from around $5 per million British thermal units (MMBtu) to $55 per MMBtu over the past couple of years alone. A big part of the problem is that Europe has historically been very reliant on Russia for its supply of natural gas. Since Russia invaded Ukraine, the bloc has tried to quit that addiction -- and electric heat pumps are a big part of that plan. Gas is currently the fuel Europe uses the most for its heating, and much of that gas has historically come from Russia. The European Commission wants to double the rate at which it's deploying heat pumps, with a goal of deploying 10 million units over the next five years.

THAT'S MADE HEAT PUMPS SEEMINGLY IDEAL FOR GRAPPLING WITH SEVERAL CRISES

This is an acceleration of another transition that was already underway. One of the main strategies to slow climate change is to electrify everything -- from cars to buildings. That way, they can run on clean, renewable energy like wind and solar once those power sources displace fossil fuels on the grid. Some cities -- like Berkeley, California -- have even banned new gas hookups in homes and buildings.

Heat pumps became an obvious alternative to old-school gas and oil heating. So, efforts to promote heat pump adoption are peppered throughout a lot of proposed climate policies. The giant climate bill Democrats are working to pass, called the Inflation Reduction Act, for instance, includes up to an $8,000 rebate for income-eligible Americans who install a new heat pump in their home. Anyone who doesn't qualify for the rebate can still get a tax credit of up to $2,000 for installing a heat pump.

Tweet   @brothersjudd