Musk estimates that it would take about $10 trillion in investment globally to mass deploy them, which he says is “not a big number compared to the global economy, which is about $100 trillion. So if this takes off, say in 10 years, it will be 1 percent of the world economy.”
This is not the first time that Musk has spoken enthusiastically about heat pumps, an innovative heating technology that uses the temperature of outside air, groundwater or the earth itself to heat or cool rooms, as well as to heat water for domestic use. Heat pumps are already installed in the Tesla Model Y and newer versions of other models from the company, and he previously praised the technology, calling it key to the Model Y lineup. But implementing it in electric cars is not easy – last year the company recalled about 26,000 units to fix poor windshield defrosting and cabin heating that occurs especially in very cold weather.
Currently, domestic heat pumps are gaining a lot of popularity and they have the potential to significantly reduce global carbon dioxide emissions. In the long run, they offer lower heating and cooling costs and put less strain on the electricity grid. Interest in the installations exploded last year in Europe because of Russia’s invasion of Ukraine and the gas crisis. Due to the increased competition, the prices of the devices are falling. In the US, the Inflation Reduction Act passed last year offers incentives for households to install a heat pump.
However, making these technologies mainstream has its challenges – they are not standardized, but take into account the size and insulation levels of the property. Their installation requires skilled installers and engineers, of which there are currently very few in both Europe and the US.
