Document subsidy as an assumption

Short answer #

Record subsidy with status, source, verification date and expected amount. For a cautious decision, also test zero support or a reduced eligible-cost basis.

Important variables #

• Investment after support
• Useful energy, efficiency and degradation
• Energy prices and tariff
• Horizon and discount rate

Worked example #

Expected support of €12,000 reduces net investment only in the approved scenario. The full investment remains visible in the downside case.

Break-even: What changes the result? #

Test the main driver as a cautious, central and optimistic range. Also check whether the ranking reverses at a crossover or remains robust across the range.

Common mistakes #

• Treating subsidy or tariff as certain
• Omitting losses and degradation
• Confusing simple payback with return

Sources & assumptions

• KfW Bankengruppe — Heizungsförderung ab 21. Juli 2026 (2026-08-17)
• RATIOXA — Methodology and formulas (2026-08-17)