Purpose

Contrary to the traditional technology project perspective, real estate investors see building-specific renewable energy (on-site energy) investments as part of the property and as something affecting the property’s ability to produce a (net) cash flow. This paper aims to show the value-influencing mechanism of on-site energy production from a professional property investors’ perspective.

Design/methodology/approach

The value-influencing mechanism is presented with a case study of a prime logistics property located in the Helsinki metropolitan area, Finland. The case study results are compared with the results of a survey answered by over 70 property valuation professionals in the Finnish real estate market.

Findings

Current valuation practice supports the presented value-creation mechanism based on the capitalisation of the savings generated by a building’s own energy production. Valuation professionals see benefits beyond decreased operating expenses such as enhanced image and better saleability. However, valuers acted more conservatively than expected when transferring these additional benefits to the cash flows of the case property.

Practical implications

Because the savings in operating expenses can be capitalised into the property value, property investors should consider on-site energy production when the return of on-site energy exceeds the return of the property. This enhances the profitability of on-site energy, especially in urban areas with low initial yields.

Originality/value

This is the first research paper to open the value-influencing mechanism of on-site energy production from a professional property investors’ perspective in commercial properties and to confirm it from a market study.

中文翻译：

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可再生现场能源生产对房地产价值的影响

目的

与传统技术项目的观点相反，房地产投资者将针对建筑物的可再生能源（现场能源）投资视为房地产的一部分，并影响房地产产生（净）现金流量的能力。本文旨在从专业房地产投资者的角度展示现场能源生产的价值影响机制。

设计/方法/方法

通过对位于芬兰赫尔辛基都会区的主要物流物业的案例研究，提出了价值影响机制。将案例研究结果与芬兰房地产市场上70多位房地产评估专家的调查结果进行了比较。

发现

当前的估值实践基于建筑物自身的能源生产所产生的节省资金的资本化来支持所提出的价值创造机制。估值专家认为，除了降低运营支出外，其他好处还包括增强形象和提高可销售性。但是，在将这些额外收益转移到案例财产的现金流量时，估值师的行为比预期更为保守。

实际影响

由于节省的运营费用可以资本化为物业价值，因此，当现场能源的回报超过物业回报时，物业投资者应考虑进行现场能源生产。这提高了现场能源的盈利能力，特别是在初始收益较低的城市地区。

创意/价值

这是第一份从专业物业投资者对商业物业的角度开放现场能源生产价值影响机制的研究论文，并通过市场研究对其进行了证实。