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Economic effects of energy efficiency improvements in the Finnish building stock

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  • Tuominen, Pekka
  • Forsström, Juha
  • Honkatukia, Juha

Abstract

This study estimates the economic effects of investing in energy efficiency in buildings on a national level. First conservation potentials in space heating for two different scenarios with different levels of investment in energy efficiency are quantified. This was done relying on statistical data and future projections of the development of the building stock. Then economic modeling was used to estimate the effects on energy sector and the economy at large. The results show that a rather modest increase resulting in a few percent rise in annual construction and renovation investments can decrease total primary energy consumption 3.8–5.3% by 2020 and 4.7–6.8% by 2050 compared to a baseline scenario. On the short term a slight decrease in the level of GDP and employment is expected. On the medium to long term, however, the effects on both would be positive. Furthermore, a significant drop in harmful emissions and hence external costs is anticipated. Overall, a clear net benefit is expected from improving energy efficiency.

Suggested Citation

  • Tuominen, Pekka & Forsström, Juha & Honkatukia, Juha, 2013. "Economic effects of energy efficiency improvements in the Finnish building stock," Energy Policy, Elsevier, vol. 52(C), pages 181-189.
    • Handle: RePEc:eee:enepol:v:52:y:2013:i:c:p:181-189
    DOI: 10.1016/j.enpol.2012.10.012
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    1. Honkatukia, Juha, 2009. "VATTAGE - A dynamic, applied general equilibrium model of the Finnish economy," Research Reports 150, VATT Institute for Economic Research.
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    Cited by:

    1. Mikulić, Davor & Bakarić, Ivana Rašić & Slijepčević, Sunčana, 2016. "The economic impact of energy saving retrofits of residential and public buildings in Croatia," Energy Policy, Elsevier, vol. 96(C), pages 630-644.
    2. Nikolaos Papadakis & Dimitrios Al. Katsaprakakis, 2023. "A Review of Energy Efficiency Interventions in Public Buildings," Energies, MDPI, vol. 16(17), pages 1-34, August.
    3. Huh, Sung-Yoon & Jo, Manseok & Shin, Jungwoo & Yoo, Seung-Hoon, 2019. "Impact of rebate program for energy-efficient household appliances on consumer purchasing decisions: The case of electric rice cookers in South Korea," Energy Policy, Elsevier, vol. 129(C), pages 1394-1403.
    4. Dimitris A. Katsaprakakis & Nikos Papadakis & Efi Giannopoulou & Yiannis Yiannakoudakis & George Zidianakis & Michalis Kalogerakis & George Katzagiannakis & Eirini Dakanali & George M. Stavrakakis & A, 2023. "Rational Use of Energy in Sports Centres to Achieve Net Zero: The SAVE Project (Part A)," Energies, MDPI, vol. 16(10), pages 1-41, May.
    5. Martin K. Patel & Jean-Sébastien Broc & Haein Cho & Daniel Cabrera & Armin Eberle & Alessandro Federici & Alisa Freyre & Cédric Jeanneret & Kapil Narula & Vlasios Oikonomou & Selin Yilmaz, 2021. "Why We Continue to Need Energy Efficiency Programmes—A Critical Review Based on Experiences in Switzerland and Elsewhere," Energies, MDPI, vol. 14(6), pages 1-28, March.
    6. Rokas Valancius & Andrius Jurelionis & Viktoras Dorosevas, 2013. "Method for Cost-Benefit Analysis of Improved Indoor Climate Conditions and Reduced Energy Consumption in Office Buildings," Energies, MDPI, vol. 6(9), pages 1-16, September.
    7. Aurora Greta Ruggeri & Laura Gabrielli & Massimiliano Scarpa, 2020. "Energy Retrofit in European Building Portfolios: A Review of Five Key Aspects," Sustainability, MDPI, vol. 12(18), pages 1-38, September.
    8. Krarti, Moncef & Dubey, Kankana & Howarth, Nicholas, 2019. "Energy productivity analysis framework for buildings: a case study of GCC region," Energy, Elsevier, vol. 167(C), pages 1251-1265.
    9. Hedman, Åsa & Sepponen, Mari & Virtanen, Mikko, 2014. "Energy efficiency rating of districts, case Finland," Energy Policy, Elsevier, vol. 65(C), pages 408-418.

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