Energy Performance Certificates—The Role of the Energy Price

Jon Olaf Olaussen, Are Oust, Jan Tore Solstad and Lena Kristiansen
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Jon Olaf Olaussen: NTNU Business School, Norwegian University of Science and Technology, 7491 Trondheim, Norway
Are Oust: NTNU Business School, Norwegian University of Science and Technology, 7491 Trondheim, Norway
Jan Tore Solstad: NTNU Business School, Norwegian University of Science and Technology, 7491 Trondheim, Norway
Lena Kristiansen: Sparebank 1 Regnskapshuset SMN, Postboks 4799 Torgaard, 7467 Trondheim, Norway

Energies, 2019, vol. 12, issue 18, 1-14

Abstract: Energy performance certificates (EPCs) were introduced to give property buyers better information about the energy efficiency of dwellings and provide incentives to make energy-efficient investments. Previous studies on the effect of EPCs on property value have yielded divergent results, with some studies finding that energy labels affect property values, but others finding that energy labels have little or no effect. The present paper takes the analysis one step further. Using data on energy prices in combination with transaction data from Oslo, we conclude that not only the energy label, but also the energy performance of dwellings in general, has little to no effect on transaction prices. This result is in line with the inferences of several survey studies, which indicate that when people buy a dwelling, they pay considerably less attention to its energy performance compared with other factors, such as the location, neighborhood, size, garden, and the number of bedrooms.

Keywords: energy performance certificates; PV energy cost; PV energy savings; house prices; environmental regulation (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

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