Popescu, Daniela and Bienert, Sven and Schützenhofer, Christian and Boazu, Rodica (2011) Impact of energy efficiency measures on the economic value of buildings. Applied Energy.
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A main objective of energy policies is to make all levels of the society, from governments to citizen, interested in increasing the energy efficiency of buildings. One of the most important barriers in implementation of energy policies is that the cost of potential energy savings, typically considered being the only financial benefit, does not sufficiently motivate investments. The target is therefore to identify further possible drivers pushing positive reaction according to energy saving action. The paper discusses whether a market-based instrument, capturing the increase of the economic value of energy efficient buildings, can be also used. Methods that quantify the added value due to energy performance, including recommendations on how they can be incorporated in the financial analysis of investments in weatherization, are developed. By applying the proposed methods, the payback period of investments in energy efficiency measures depends on two factors: potential energy savings and the added value to the property. Case studies on some existing condominiums from Romania are analyzed and provide evidence to the research question. The market sensitivity to energy efficiency measures, the possibility of an intangible added value as well as the impact to financial investment decisions is subsequently in the focus.
|Institutions:||Business, Economics and Information Systems > IRE|BS > Kompetenzzentrum für Nachhaltigkeit in der Immobilienwirtschaft (Prof. Dr. Sven Bienert)|
|Research groups and research centres:||Immobilien- und Kapitalmärkte|
|Keywords:||Energy Policy, Energy efficiency measures, Sustainable buildings, Energy costs, Financial analysis, Property value|
|Subjects:||300 Social sciences > 330 Economics|
|Refereed:||Yes, this version has been refereed|
|Created at the University of Regensburg:||Partially|
|Deposited On:||09 Sep 2011 14:23|
|Last Modified:||07 Nov 2011 13:18|