When buying a home, most people pay close attention to the mortgage, energy bills and service charges, but rarely ask a more fundamental question: what exactly am I being asked to own?

Who Carries the Lifetime Cost of Heat explores the hidden lifetime costs of heat, arguing that the true cost of a heating system extends far beyond monthly energy consumption. Maintenance, repairs, equipment replacement and the long-term responsibility for keeping a home warm can add up to significant financial commitments that are often overlooked when homes are designed, built and sold.

The paper contrasts individual heating systems, where households carry much of the asset and replacement risk themselves, with regional heat utilities that treat heat more like essential infrastructure. By moving complex equipment upstream into professionally managed networks, regional heat systems can spread costs, improve resilience, simplify maintenance and create greater flexibility to adopt new energy sources over time.

The result is a different question for homeowners and policymakers alike: not simply how a home is heated today, but who carries the responsibility, risk and cost of keeping it warm decades into the future.