Purpose

About 27 per cent of the total UK carbon emissions are attributed to residential buildings; therefore, improvements to the energy efficiency of the stock offers great potential. There are three main ways to achieve this. First is a mandatory approach, minimum energy efficiency standards are set and applied to new and existing buildings. Option 2 is voluntary, using energy ratings that classify performance to stimulate awareness and action. Third, financial measures, incentives and taxes, are applied to “nudge” behaviours. Most westernised countries have adopted a combination of Options 2 and 3, with the belief that the market will incentivize efficient properties. The belief is voluntary measures will stimulate demand, leading to value premiums. This paper aims to seek a deeper understanding of the relationship between energy efficiency and the value of residential property in Europe and, by so doing, to determine whether stronger policies are required to realise decarbonisation.

Design/methodology/approach

This paper reviews the current academic literature and large-scale quantitative studies conducted in Europe, mostly using hedonic pricing analysis to seek a relationship between energy performance certificates (EPCs) and either capital or rental values. It compares these to the reported findings of three case study projects that take a variety of different research approaches, all of which have the ambition to understand market behaviours and stimulate occupier or/and owner demand for energy efficient buildings.

Findings

The large-scale academic study results generally show a positive relationship between observed market prices and EPCs, which are commonly taken as surrogates for efficiency; however, outcomes are variable. One large study found energy upgrades may increase value, but not to the point where costs outweigh the value gain. Other studies found high returns on investment in energy efficiency technologies. The case study projects, however, revealed a more nuanced set of arguments in terms of the relationship between energy efficiency and market behaviours. Whilst there is some evidence that energy efficiency is beginning to impact on value, it is small compared to other value drivers; other drivers, including health, well-being and private sector finance deals, may prove more powerful market drivers. Further, the empirical findings reported point towards the emergence of a “brown” discount being more likely to be the long-term trend than a green premium. It is concluded that the current levels of action are unlikely to deliver the levels of decarbonisation urgently needed.

Research limitations/implications

This is a desktop study of other European studies that may have collected data on slightly different variables.

Practical implications

This study shows that more action is required to realise decarbonisation in new and existing residential property in the European states considered. The sector offers potential for substantial reductions, and other mandatory approaches need to be considered.

Originality/value

This is a timely review of the current outcomes of European programmes (EPCs) adopted in several countries to increase energy efficiency in the residential sector through a voluntary mechanism. The results show that more action is needed.

中文翻译：

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房地产脱碳：欧洲能效与住房之间不断发展的关系

目的

英国碳排放总量中约有27％归因于住宅建筑；因此，改善库存的能源效率提供了巨大的潜力。有三种主要方法可以实现此目的。首先是强制性方法，设定了最低能效标准并将其应用于新建和现有建筑物。选项2是自愿的，使用对表现进行分类的能效等级来激发意识和采取行动。第三，将财务措施，激励措施和税收用于“轻推”行为。多数西方国家已将方案2和方案3结合使用，并认为市场将激励高效房地产。人们相信自愿措施会刺激需求，从而导致价值溢价。

设计/方法/方法

本文回顾了当前在欧洲进行的学术文献和大规模定量研究，主要使用享乐价格分析来寻求能源绩效证书（EPC）与资本价值或租金价值之间的关系。它将这些结果与三个案例研究项目的报告发现进行比较，这些案例研究项目采用了多种不同的研究方法，所有这些方法都旨在了解市场行为并刺激占用者或（和）业主对节能建筑的需求。

发现

大规模的学术研究结果通常显示观察到的市场价格与EPC之间存在正相关关系，而EPC通常被视为提高效率的代名词。但是，结果是可变的。一项大型研究发现，能源升级可以增加价值，但不能超过成本超过价值增加的程度。其他研究发现，在节能技术上​​的投资回报率很高。但是，该案例研究项目揭示了在能效与市场行为之间的关系方面更为细微的争论。尽管有证据表明能效已开始影响价值，但与其他价值驱动因素相比却很小。其他驱动力，包括健康，福祉和私营部门融资交易，可能被证明是更强大的市场驱动力。进一步，报告的经验发现指出，“绿色”折扣的出现比绿色溢价更可能是长期趋势。结论是，当前的行动水平不可能实现迫切需要的脱碳水平。

研究局限/意义

这是其他欧洲研究的桌面研究，这些研究可能收集了略有不同的变量的数据。

实际影响

这项研究表明，在所考虑的欧洲各州，要实现新的和现有住宅物业的脱碳，还需要采取更多行动。该部门提供了大幅度削减的潜力，需要考虑其他强制性措施。

创意/价值

这是对一些国家通过自愿机制提高住宅部门能源效率的欧洲计划（EPC）当前成果的及时回顾。结果表明，需要采取更多的措施。