Housing wealth and residential energy consumption

Abstract

The housing wealth effect manifests as a positive relationship between consumption and perceived housing wealth. When the perceived value of a property rises, homeowners may feel more comfortable and secure about their wealth, causing them to spend more. This study adopts a behavioural approach to verify if this relationship holds true for residential energy consumption. An analytical framework is proposed to study the relationship between housing wealth and energy consumption at both the market and the individual level. We find evidence of significant association between housing wealth and energy consumption by using data between 1995 and 2016 from the UK. As the perception of housing value increases, UK residents tend to increase their energy consumption. Our models also consider psychological biases in energy consumption behaviours, such as market sentiment in the macro-level analysis and framing effect in the micro-level investigation. Our findings shed light on the behavioural aspects of housing wealth effect on residential energy consumption and demonstrate the potential of using behavioural interventions to encourage energy conservation activities. These findings are helpful in designing and implementing energy consumption policies that can strike a balance between social justice and economic efficiency.

Formation of the actual typology of urban multi-apartment dwelling based on the principles of minimalism and autonomy of residential complexes

“…Energy efficiency is one of the components of autonomous modern urban housing. Moreover, the use of energy-efficient technologies in the design of residential buildings can significantly reduce the cost of utility bills for residents [17][18][19][20]. Thus, the use and accumulation of renewable energy, passive energy saving due to natural lighting of the building, heat preservation using thermal insulation materials and special glazing, and the reuse of rainwater can allow residents to save up to 25% on utility bills [21][22].…”

“…As a proposal for a solution to this problem, the article describes the formation of a new typology of urban multi-apartment housing based on the principles of minimalism and autonomy of residential complexes. The principles of minimalism and autonomy are a timely response to the changing needs of the modern consumer of urban housing [17][18][19][20]. The design of residential buildings using the maximum environmental potential allows creating not only a comfortable external urban environment but also increases the energy efficiency of dwellings [21][22][23][24][25][26].…”

Covid-19 and the Impact on Energy Consumption: An Environmental Assessment of Ontario Canada

“…As was rightly pointed by the International Energy Agency, the sharp decline of the oil market may put clean energy transitions at risk by reducing the impetus for energy efficiency policies [27][28][29]. Without measures by governments, cheaper energy always leads consumers to use it less efficiently.…”

Optimization of Thermal Performance of Windows in Intermediate Housing in Cold and Dry Climate of Tabriz

“…Based on the implemented researches, buildings consume about 40% of the total ultimate energy [2]. Residential energy consumption represents more than a quarter of building energy consumption [3].…”