Heat pumps in the US: Still sizzling on this chart

TLDR: Heat pumps are gaining ground on fossil fuels in the US, despite a recent decline in sales. Heat pumps use electricity to heat and cool spaces and are more efficient than gas furnaces. They are also crucial for reducing greenhouse gas emissions from buildings, which account for around 10% of global emissions. Sales of heat pumps fell by nearly 17% in 2023, likely reflecting a broader slowdown in the HVAC sector. However, experts believe that heat pump sales will need to grow quickly in order to meet climate goals and decarbonize buildings. Incentive programs, such as the Inflation Reduction Act, which provides tax credits for new heat pumps, could help accelerate progress in 2024 and beyond. In a scenario where the world reaches net-zero emissions by 2050, heat pumps need to account for 20% of global heating capacity by the end of this decade.