The value of domestic building energy efficiency - evidence from Ireland
Ronan Lyons (),
Marie Hyland () and
Authors registered in the RePEc Author Service: Sean Lyons ()
No 614, Economics Series Working Papers from University of Oxford, Department of Economics
Following the transposition of the EU Energy Performance of Buildings Directive into Irish law, all properties offered for sale or to let in Ireland are obliged to have an energy efficiency rating. This paper analyses the effect of energy efficiency ratings on the sale and rental prices of properties in the Republic of Ireland. Using the Heckman selection technique we model the decision to advertise the energy efficiency rating of a property and the effect of energy efficiency ratings on property values. Our results show that energy efficiency has a positive effect on both the sales and rental prices of properties, and that the effect is significantly stronger in the sales segment of the property market. We also analyse the effect of energy efficiency across different market conditions and we find that the effect of the energy rating is stronger where market conditions are worse.
Keywords: Domestic building energy ratings; Hedonic valuation; Ireland (search for similar items in EconPapers)
JEL-codes: Q51 Q58 R31 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ene and nep-eur
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Working Paper: The Value of Domestic Building Energy Efficiency – Evidence from Ireland (2014)
Journal Article: The value of domestic building energy efficiency — evidence from Ireland (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:oxf:wpaper:614
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