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The value of domestic building energy efficiency - evidence from Ireland

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  • Ronan C. Lyons
  • Marie Hyland

Abstract

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.

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Bibliographic Info

Paper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 614.

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Date of creation: 01 Jun 2012
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Handle: RePEc:oxf:wpaper:614

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Keywords: Domestic building energy ratings; Hedonic valuation; Ireland;

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  1. Hunt Allcott & Michael Greenstone, 2012. "Is There an Energy Efficiency Gap?," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 26(1), pages 3-28, Winter.
  2. Silvia Banfi & Mehdi Farsi & Massimo Filippini & Martin Jakob, 2005. "Willingness to Pay for Energy-Saving Measures in Residential Buildings," CEPE Working paper series, CEPE Center for Energy Policy and Economics, ETH Zurich 05-41, CEPE Center for Energy Policy and Economics, ETH Zurich.
  3. Brounen, Dirk & Kok, Nils, 2011. "On the economics of energy labels in the housing market," Journal of Environmental Economics and Management, Elsevier, vol. 62(2), pages 166-179, September.
  4. Amecke, Hermann, 2012. "The impact of energy performance certificates: A survey of German home owners," Energy Policy, Elsevier, Elsevier, vol. 46(C), pages 4-14.
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Cited by:
  1. Curtis, John & Pentecost, Anne, 2014. "Changes in Household Fuel Expenditure Associated with Improvements in Building Energy Efficiency," Papers, Economic and Social Research Institute (ESRI) WP478, Economic and Social Research Institute (ESRI).
  2. Konstantin A. Kholodilin & Claus Michelsen, 2014. "The Market Value of Energy Efficiency in Buildings and the Mode of Tenure," Discussion Papers of DIW Berlin 1398, DIW Berlin, German Institute for Economic Research.
  3. Horváth, Áron & Kiss, Hubert János & McLean, Aliz, 2013. "Hat-e a lakóingatlanok árára az energiahatékonyság?
    [Does energy efficiency affect the prices of residential units?]
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 1025-1042.
  4. Curtis, John & Devitt, Niamh & Whelan, Adele, 2014. "Estimating Building Energy Ratings for the Residential Building Stock: Location and Occupancy," Papers, Economic and Social Research Institute (ESRI) WP489, Economic and Social Research Institute (ESRI).

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