United Kingdom
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I think most of those retrofits aren't cheap because the pipes and radiators aren't big enough for the colder water. So it ends up needing a whole now install anyway.
I can see how that could happen for some homes. Worth doing the calculation though, since it can be cheaper if the pipes are adequate.
It's probably always cheaper. The government is pushing for air to water. There are no subsidies for air to air which I think is a better way to heat a home.