Uncovering the price effect of energy performance certificate ratings when controlling for residential quality
In the last decade, market-mediated financial incentives for energy-efficient construction drawn from information policy, including energy performance certificates (EPC), have been intensively researched. While hedonic-based research seems to confirm a positive correlation between residential prices...
| Autores: | , |
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| Formato: | artículo |
| Fecha de publicación: | 2022 |
| País: | España |
| Recursos: | Universitat Politècnica de Catalunya (UPC) |
| Repositorio: | UPCommons. Portal del coneixement obert de la UPC |
| Idioma: | inglés |
| OAI Identifier: | oai:upcommons.upc.edu:2117/373854 |
| Acesso em linha: | https://hdl.handle.net/2117/373854 https://dx.doi.org/10.1016/j.rser.2022.112662 |
| Access Level: | acceso abierto |
| Palavra-chave: | Housing -- Prices Dwellings -- Energy conservation Energy performance certificates Hedonic prices Energy efficiency Residential buildings Barcelona Habitatge -- Preus Habitatges -- Estalvi d'energia Àrees temàtiques de la UPC::Urbanisme Àrees temàtiques de la UPC::Arquitectura::Tipologies d'edificis::Habitatges |
| Resumo: | In the last decade, market-mediated financial incentives for energy-efficient construction drawn from information policy, including energy performance certificates (EPC), have been intensively researched. While hedonic-based research seems to confirm a positive correlation between residential prices and EPC ratings, opinion-based studies have found that these ratings have a negligible effect on price formation. This paper explores whether insufficient control of non-energy-related architectural attributes in hedonic specifications is responsible for such a divergence. To achieve this, a case-by-case quality assessment is performed for a sample of listed apartments in Barcelona. Then, architectural assessment is introduced as a control in the context of hedonic analysis. The results suggest that EPC ratings show a positive correlation with prices (1.8% price increase for each EPC increment) only when location, general architectural attributes, and basic quality attributes are controlled. Conversely, when architectural quality is thoroughly controlled, such a correlation disappears. However, EPC rating remains as a price driver (7.5% price increase for A/B/C ratings) for the upper tier of apartments in central and affluent zones. Such findings have relevant implications for developers and energy policy. |
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