NTUA Study on Heating Costs

As energy prices rise, a new study by the National Technical University of Athens (NTUA), in collaboration with the Institute for Chemical Processes and Energy Resources of CERTH, presents the cheapest and most expensive forms of heating. (This study was based on data concerning the period starting from October).

Heat pumps offer the lowest heating cost again this year, under every usage condition.

Specifically, this year, heating with natural gas is cheaper than the use of oil, changing the data from last year. That is, during the current winter season, heating with natural gas is up to approximately 35% cheaper compared to heating oil.

Regarding heating oil, scientists emphasize that its price shows a slight increase compared to last year, by a rate of 10-15%.

In comparison to this price, the use of a heat pump moves significantly lower, with the cost starting from 5.9 and reaching up to 9.4 euro cents per kilowatt-hour.

However, as its authors mention, the possibility that heating costs for various technologies will rise to the unprecedented levels of the previous two seasons (2021-2022 & 2022-2023, respectively) is highly unlikely.

The most expensive solutions include open fireplaces as well as devices with electrical resistances (such as stoves, electric radiators, fan heaters).

Thus, for open-chamber fireplaces, the cost amounts to 30.9 cents per thermal kilowatt-hour. Devices with electrical resistances move at similarly high levels, with their cost reaching 29.2 cents per thermal KWh.