The European Union's directive of the energy performance of buildings makes energy systems with local energy generation interesting. To support local energy generation the government has appointed a commission to investigate the possibility to implement net metering for grid connected PV-systems. In this paper three different systems are simulated and analyzed with regards to economics and energy: a PV-system and a heat pump (alternative 1), a heat pump and a solar thermal system (alternative 2) and a heat pump, a PV-system and a solar thermal system (alternative 3). System alternative 1 is profitable with daily net metering and monthly net metering and unprofitable with instantaneous net metering. The solar electrical fraction of the system is 21.5%, 43.5% and 50%, respectively. System alternative 2 is unprofitable and has a solar electricity fraction of 5.7%. System alternative 3 is unprofitable and has a solar electricity fraction of just below 50. The conclusion is that a PV system in combination with a heat pump is a superior alternative to a solar thermal system in combination with a heat pump. (C) 2013 Elsevier B.V. All rights reserved.