Energy performance certification as a signal of workplace quality

Parkinson, Aidan; Jong, Robert de; Cooke, Alison J.; Guthrie, Peter

doi:10.1016/j.enpol.2013.07.043

Cited by 29 publications

(10 citation statements)

References 24 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…The study's conclusions must however be put in the context of 2011 when the culture of energy certification was not yet widespread. Similar findings are reported in the study of Parkinson et al (2013) which investigates whether energy performance certification is an indication of workplace quality. The EPCs have had a greater impact in northern Italy.…”

Section: Introductionsupporting

confidence: 84%

On the use of an energy certification database to create indicators for energy planning purposes: Application in northern Italy

et al. 2015

View full text Add to dashboard Cite

Section: Introductionsupporting

confidence: 84%

On the use of an energy certification database to create indicators for energy planning purposes: Application in northern Italy

et al. 2015

View full text Add to dashboard Cite

“…Her results suggest that "a higher EPC fails to have a direct influence during negotiation and decision making" (p. 666). In the same line, Parkinson et al [21] have found no correlation between EPC ratings and rental values while surveying commercial office occupants in the UK. Their findings suggest that Sustainability 2019, 11, 372 5 of 23 facilities' aesthetics are the main driver of rents.…”

Section: The Impact Of Energy Ratings On Pricesmentioning

confidence: 96%

The Uneven Price Impact of Energy Efficiency Ratings on Housing Segments. Implications for Public Policy and Private Markets

Duarte

2019

Sustainability

View full text Add to dashboard Cite

In the literature, there is extensive, although in some cases inconclusive, evidence on the impact of Energy Performance Certificates (EPC) on housing prices. Nonetheless, the question of whether such an impact is homogenous across residential segments remains highly unexplored. This paper addresses this latter issue utilizing multifamily listing data in metropolitan Barcelona. In doing so, first the entire sample is analyzed using a hedonic model. Second, the sample is split on the basis of a multivariate segmentation. Finally, separated hedonic models are specified again. The results suggest that in general, there is a modest impact of EPC ratings on listing prices, nonetheless it is not homogeneous across housing segments: (1) for the most modern apartments, with state-of-the-art features and active environmental comfort, energy ratings seem to play a null role in the formation of prices; (2) conversely, for the cheapest apartments, apartments boasting the most basic features, and apartments located in low-income areas, the "brown discount" is enormously significant, potentially depreciating the equity of those who have the least resources to carry out an energy retrofit. These results have implications for the assessment of the EPBD and its Spanish transposition, since a very well-intentioned environmental policy could have potentially harmful social repercussions in the absence of corrective measures.Commission saw the EPC scheme as "a power tool to create a demand-driven market for energy efficient buildings (p. 5) [6].Among all the real estate markets, the residential one is a special case since, due to the size of its stock, it consumes much more energy than commercial properties [7]. In the literature, there is extensive, yet in some case inconclusive, evidence regarding the existence of market premiums for efficient homes. According to the studies reviewed in the next section, home selling prices can vary up to 30.5% (for rating A, the most efficient one, in relation to rating G as the most inefficient) in the Danish case [8] or as little as 5% (A/G) in the case of the Irish renting market [9]. However, there is evidence suggesting that EPC labels do not play any role in price discrimination in the Oslo market [1]. Differences in climate and energy costs in relation to home prices and, perhaps, environmental concerns may be behind such divergences. As such, there are no reasons to believe that the impact of EPC labels is stationary across housing segments within the same city, where household budgets, personal tastes, and priorities, as well as home attributes and prices also vary in a significant manner. As a matter of fact, in the office market, there is evidence suggesting that "green labels" are contingent to characteristics of buildings in the determination of prices [10].The aim of this paper is to test whether the impact of EPC ratings on housing prices is the same in different market segments within a city. This analysis is relevant since the identification of divergent impacts may help to orien...

show abstract

“…The same conclusions were also drawn in Great Britain by Adjei et al [25] since EPCs were not used as a negotiation instrument in the purchasing process. In the same country, Parkinson et al [26] found, on surveying commercial office occupants, no correlation between EPC ratings and rental values. Their findings suggest that a facility's aesthetic value is the main rental driver.…”

Section: Brief Literature Review and Issues Around The Epbd Spanish Imentioning

confidence: 98%

The Relevance of EPC Labels in the Spanish Residential Market: The Perspective of Real Estate Agents

et al. 2020

View full text Add to dashboard Cite

Assessment regarding the impact of Energy Performance Certificates (EPC) on the residential market is largely inconclusive; while the majority of hedonic analyses have found EPC ratings to be correlated with prices, opinion-based research has found a negligible impact on prices and other marketing variables. Using the opinion of qualified real estate agents, this paper explores whether, in Spain, EPC labels play any role in housing marketing, as well as the policy changes required to foster efficient dwellings. The results reveal a large misunderstanding of the EPC labels, since they are seen as a global home-quality indicator, while their impact on residential marketing is quite poor. Apparently, both supply and demand place a small interest in energy performance, although it is slightly larger for sellers/buyers in relation to lenders/tenants. In any case, EPC labels are far from blurring the energy information asymmetry, since most of the buyers/tenants are informed of the EPC rating after having selected their home. Overall, the EPC scheme has a poor reputation exacerbated by inaccuracies, unintelligible units to express the financial and environmental implications of energy efficiency, and an apparent weak supervision. These findings stress the need to improve the scheme; in doing so, realtors suggest the need for some companion policies.

show abstract

Energy performance certification as a signal of workplace quality

Cited by 29 publications

References 24 publications

On the use of an energy certification database to create indicators for energy planning purposes: Application in northern Italy

On the use of an energy certification database to create indicators for energy planning purposes: Application in northern Italy

The Uneven Price Impact of Energy Efficiency Ratings on Housing Segments. Implications for Public Policy and Private Markets

The Relevance of EPC Labels in the Spanish Residential Market: The Perspective of Real Estate Agents

Contact Info

Product

Resources

About