Homeowners’ Perceptions of Renewable Energy and Market Value of Sustainable Buildings

Ioannis Vardopoulos (), Ioannis Vannas, George Xydis and Constantinos Vassiliades ()
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Ioannis Vardopoulos: School of Environment, Geography and Applied Economics, Harokopio University (HUA), 17671 Kallithea, Attica, Greece
Ioannis Vannas: RICS Accredited Master of Science in Real Estate, School of Architecture, Land and Environmental Sciences, Neapolis University Pafos (NUP), Pafos 8042, Cyprus
George Xydis: Department of Business Development and Technology, Aarhus University, 8000 Aarhus, Denmark
Constantinos Vassiliades: Department of Architecture, Land, Environmental Sciences, School of Architecture, Land and Environmental Sciences, Neapolis University Pafos (NUP), Pafos 8042, Cyprus

Energies, 2023, vol. 16, issue 10, 1-18

Abstract: Growing concerns over environmental issues and sustainable living have resulted in increased interest in renewable energy and energy efficiency. The real estate market is no exception, with homeowners increasingly considering the market value of green and sustainable buildings, which can offer both energy efficiency and potential health benefits. This study investigates the level of interest among homeowners in investing in renewable energy sources and energy efficiency measures for their homes and how it relates to their perception of the market value of green or sustainable buildings in the real estate market. A survey was conducted in the Paphos urban complex in Cyprus, with 180 participants over the age of 18. The participants were selected through a random sampling method and were representative of the general population in terms of gender, age, and income. Data were collected on their attitudes towards renewable energy sources and energy efficiency, as well as their perceptions of the market value of green buildings. The data collected were analyzed using various statistical methods, including Cronbach’s α coefficient, the non-parametric Friedman test, descriptive statistics, and factor analysis, with the Statistical Package for the Social Sciences (SPSS) being used for coding and analysis. Results indicate that 64% of the homeowners surveyed were interested in investing in renewable energy sources, and 72% were interested in energy efficiency measures. Additionally, findings suggest a moderate level of interest (58%) among homeowners in investing in renewable energy sources and that this is positively associated with their perception of the market value of green buildings. Furthermore, homeowners with higher income and education levels tend to be more interested in investing in renewable energy sources and energy efficiency measures and perceive green buildings as having higher market value. This study provides insights into the factors that drive homeowners’ investment in renewable energy sources and energy efficiency measures, shedding light on the relationship between homeowners’ perceptions of the market value of green buildings and their interest in such investments.

Keywords: green buildings; sustainable buildings; energy efficiency; residential sustainability; residential renewable energy; real estate; sustainable living; consumer behavior; environmental behavior (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: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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