Renewable energy performance contracting in the tertiary sector Standardization to overcome barriers in Greece

Maria Frangou, Maria Aryblia, Stavroula Tournaki and Theocharis Tsoutsos

Renewable Energy, 2018, vol. 125, issue C, 829-839

Abstract: The European Union targets for 27% renewable energy share by 2030. At the same time, all new buildings should be nearly zero energy buildings from 2020 onwards. A major obstacle to these objectives is a combination of current economic stagnation and limited investors' confidence, which leads to low investment proportion. Despite many renewable energy technologies are already at a competitive level, the implementation rate in buildings is still low. In this paper, we focus on advances in efficient mechanisms to overcome non-technical barriers to the increase of renewable energy applications in buildings, such as Energy Performance Contracting (EPC). Tertiary sector holds a huge untapped potential for such applications, especially in Southern Europe. The Trust-EPC-South European initiative, implemented in six southern EU countries with a mix of beginner and intermediate energy service markets, aims at encouraging the financing of sustainable energy solutions in the tertiary sector, by creating a framework for standardization, assessment and benchmarking, thus improving trust and confidence in the financing parties. This paper presents three case studies in Greece, a Mediterranean family resort hotel, a resort and spa hotel and an office building. The installation of renewable energy measures, including photovoltaic systems, solar thermal systems and heat pumps, was examined and their EPC potential was rated, by using the described standardization and benchmarking methodology. Their economic savings range from 3 to 23% on yearly energy costs, at a discounted payback of 3–6 years, depending on the measure. A sensitivity analysis shows the impact of the variation of technical and economic parameters on the EPC projects feasibility. The standardization practice applied is expected to support the project actors in securing appropriate financing and eventually proceed with the renewable energy installations through the EPC.

Keywords: Renewable energy; Energy performance contracting; Investments; Standardization; Benchmarking (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (14)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:renene:v:125:y:2018:i:c:p:829-839

DOI: 10.1016/j.renene.2018.03.001

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