Bridging the Energy Efficiency Gap: The RentalCAL decision-making tool for Rental Housing

Winfried De Coo, Donald Stevens and Dirk Brounen

ERES from European Real Estate Society (ERES)

Abstract: Due to the daunting prospect of harmful climate change, policymakersaround the world have been pushing for energetic retrofits in the real estatemarkets to reduce their carbon footprint. Despite the common ground andhigh ambitions, we still face a vast gap between the modern technicalpossibilities of energy efficiency and the slow adoption of theseopportunities in and around our homes. In this paper, we review the maincauses of this energy efficiency gap, ranging from the behavioral economicsof hyperbolic discounting to the non-monetary expenses of refurbishments.Moreover, we introduce the RentalCAL tool, which is designed to close atleast parts of this gap across Europe. The RentalCAL tool helps landlords ofresidential dwellings to assess the financial consequences of energyefficiency improvements, including investment levels, rent repayment, anddwellings price appreciation. We discuss the RentalCAL tool configuration,and demonstrate how different elements can help to alleviate the barriers toresidential energy efficiency.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2016-01-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2016_106

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