The adjoint Boltzmann equation is used to develop a formalism for calculating energy deposition in moderators. Examples of the technique are given and include a point source of fast neutrons in an infinite medium and a uniform source in a sphere of finite radius. Using elastic scattering to describe the slowing down process, the heat rates in moderators with mass numbers 1, 2, 3, 4, 5, 10, 16 and 50 are calculated. The results are compared with some recent Monte Carlo calculations on compressed pellets of deuterium and tritium and good agreement is found.