Evaluating sustainable retrofits in existing buildings under uncertainty

Menassa, Carol C.

doi:10.1016/j.enbuild.2011.09.030

Cited by 174 publications

(72 citation statements)

References 28 publications

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“…The paper finds that initial extra costs in to the attributes are likely worth the investment. Menassa (2011) follows in the same field by developing an options based framework for guiding sustainable retrofit investments. The paper uses different strategic options, such as staging, deferring and switching options to demonstrate what is their role in value creation in a building retrofit investment.…”

Section: Current Focus Of Real Estate Investment Analysismentioning

confidence: 99%

Theory of valuing building life-cycle investments

Vimpari

Junnila

2015

Building Research & Information

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The physical adaptability of buildings is very important in today's fast-changing business environment. The actors who invest in long-term adaptability are positioned better to the changes during the life cycle of a building. This conceptual paper argues that the current dominating real estate (property) investment analysis theories do not accommodate enough building design-related information (i.e. physical asset characteristics), which results in long-term loss of competitiveness and unsustainable use of built environment resources. It is demonstrated that physical asset characteristics can create valuable real options that should be acknowledged in real estate investment analysis and management. The real estate investment literature has not so far been able to produce a widely accepted financial model for justifying life-cycle investments. A theory is proposed here that can be used to value life-cycle investments in buildings. This new theory combines of real options valuation, investment analysis and building component life-cycle design. These themes are used to formulate a conceptual framework for valuing life-cycle investments. The framework is intuitive and transparent, and it can be easily added to current spreadsheet investment analysis tools.

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Section: Current Focus Of Real Estate Investment Analysismentioning

confidence: 99%

Theory of valuing building life-cycle investments

Vimpari

Junnila

2015

Building Research & Information

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“…Results showed that improved COPs combined with reduction in capital cost have made GSHP to become a more cost-effective solution in the past decade. Nevertheless, recent research has been improving these typical methods to achieve less uncertain results [17,18]. As many researchers suggest [19][20][21], exergy represents the real value of an energy source, thus it should be the only rational basis for economic evaluation.…”

Section: Economics and Exergoeconomics In Buildingsmentioning

confidence: 99%

An exergoeconomic-based parametric study to examine the effects of active and passive energy retrofit strategies for buildings

Kerdan

Raslan

Ruyssevelt

et al. 2016

Energy and Buildings

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The paper describes a systematic framework that uses exergoeconomic theory integrated into 'building energy retrofit' (BER) design. An exergoeconomic module, based on the SPECO method, has been embedded into 'EXRETOpt', a recently developed retrofit-oriented exergy simulation tool based on EnergyPlus. Both active and passive technologies were analysed using two calibrated archetype non-domestic buildings as case studies (an office and a primary school). A novel cost-benefit indicator which accounts for building exergy destruction cost, retrofit annual capital cost, and project annual revenue is presented. This indicator is employed to account for best exergoeconomic performance technologies and to further develop deep BER packages. Compared to typical practice, exergoeconomics combined with cost-benefit provides a powerful tool for exploration and design improvement of building energy systems. In both cases, final product cost for heating and cooling processes were substantially reduced. In addition, the office case presented improvements in energy use by 67%, CO2 emissions by 53%, thermal comfort by 22%, exergy destructions by 42%, and the overall building exergy efficiency was improved from 14.8% to 20.0%. The school case presented similar results with an improvement of building exergy efficiency from 8.2% to 11.1%, and the potential to generate income due to current government incentives.

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“…The opinion survey contribution and their recommendations were also considered in the thematic contents of the management system. These 4 areas consist of 15 indicators with 50 thematic parameters encompassing strategies (Menassa 2011;Dutta, Husain 2009), solutions for constraints, best practices used in building retrofitting and legal requirements (Fig. 2).…”

Section: The Parameters Of the Management Systemmentioning

confidence: 99%

A system for the management of old building retrofit projects in historical centres: the case of Portugal

Oliveira

Lopes

Sousa

et al. 2017

International Journal of Strategic Property Management

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ABSTRACT. The retrofitting works in old buildings require appropriate knowledge of the vernacular techniques. Previous researches have identified retrofitting works as more intrusive and using more unnecessary demolition materials than real needs. This study constitutes a new framework that focuses on the project management success of old building retrofitting in historical centres by developing a methodological system for this purpose. It uses a construction sector system approach, reviews legal requirements, framework specifications, recommendation practices and sustainable measures adapted to old building projects. It presents 50 parameters adapted to these works' specificities that could be used by construction market stakeholders. The research uses a case study methodology divided in two parts. The first one involves the review of building retrofitting projects in historical centres, complemented by a questionnaire in the second part. The results of the projects review have shown little concern with the underlying sustainability aspects of retrofitting works in all project designs analysed. However, the questionnaire results have revealed a high interest and applicability of all parameters omitted in the project designs data. The study describes a useful management system in a toolkit format which might contribute to reduce uncertainty in the management of retrofitting projects in historical centres.

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Evaluating sustainable retrofits in existing buildings under uncertainty

Cited by 174 publications

References 28 publications

Theory of valuing building life-cycle investments

Theory of valuing building life-cycle investments

An exergoeconomic-based parametric study to examine the effects of active and passive energy retrofit strategies for buildings

A system for the management of old building retrofit projects in historical centres: the case of Portugal

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