On the Economies of Energy Labels in the Housing Market
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On the Economies of Energy Labels in the Housing Market Dirk Brounen and Nils Kok 3 December 2009. Energy Performance of Buildings Directive (January 2003). “Member states shall ensure that, when buildings are constructed, sold or rented out, an energy performance

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Slide1 l.jpg

On the Economies of Energy Labels in the Housing Market

Dirk Brounen and Nils Kok

3 December 2009


Energy performance of buildings directive january 2003 l.jpg
Energy Performance of Buildings Directive (January 2003)

“Member states shall ensure

that, when buildings are

constructed, sold or rented

out, an energy performance

certificate is made available

by the owner to the

prospective buyer or

tenant”


Our laboratory l.jpg
Our laboratory

Population: 16.5 mln

Homes: 7.2 mln

Ownership: 55%

Temperature: 50 ºF

(35 ºF– 68 ºF)

Price: €230.000

Net mortgage: €800/month

Gas bill: €105/month

Electricity bill: €53/month


Our data l.jpg
Our data

Sample: 175,875 sales

Period: Jan08 – Sep09

Housing data dwelling characteristics

NVM age, size, type, location, maintenance level, insulation, heating

EPC data certification

SenterNovem category (A-G)

Location data neighborhood characteristics

CBS density, home values, time-on-the market

Politics election voting

Ministry IA 6 digit postal code results




The questions l.jpg
The questions

  • We analyze two things:

    • The adoption process

    • Who adopts?

    • At which pace?

    • Why?

    • The effects of labels on the sale process

    • On speed of sale

    • On pricing

    • Why?



The adoption process logit table 2 l.jpg
The adoption process / logit (table 2)


The adoption process logit table 210 l.jpg
The adoption process / logit (table 2)


The adoption process logit table 211 l.jpg
The adoption process / logit (table 2)


The adoption process conclusions l.jpg
The adoption process / conclusions

  • Adoption rates are:

  • Falling over time

  • Driven by:

  • dwelling type

  • dwelling age

  • dwelling size

  • interior maintenance

  • location (low density, high values)

  • ideals (voting green)

  • and not by: heating system or insulation


The questions13 l.jpg
The questions

  • We analyze two things:

    • The adoption process

    • Who adopts?

    • At which pace?

    • Why?

    • The effects of labels on the sale process

    • On speed of sale

    • On pricing

    • Why?


The effects price table 4 l.jpg
The effects/ price (table 4)

……….


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The effects/ price (appendix B)


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The questions, one more thing…

  • We will analyze a third thing soon:

    • The adoption process

    • Who adopts?

    • At which pace?

    • Why?

    • The effects of labels on the sale process

    • On speed of sale

    • On pricing

    • Why?

    • The real energy usage (gas and electricity) for all individual dwellings

    • What drives energy use?

    • How strong is the link between EPC and usage?

    • Is energy use capitalized? (for labeled versus non-labeled dwellings)

    • Does energy usage drive adoption rates?


Energy use stats l.jpg
Energy use/ stats


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Conclusions

We find that energy labels are adopted:

slow

by high-end owners of relatively young homes in competitive markets

that are also more likely to vote green during elections

We also find that the energy label does not effect the speed of sale

but green labeled homes are sold at a premium of 2.45%

also when controlling for quality

The link to real energy use is next…

[email protected]


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