Valuing Green Home Designs: A Study of ENERGY STAR<sup>®</sup> Homes

Bloom, Bryan; Nobe, MaryEllen C.; Nobe, Michael D.

doi:10.1080/10835547.2011.12091818

Cited by 74 publications

(13 citation statements)

References 9 publications

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“…The second generation, studies published since 2011, tried to resolve the paucity of small samples by combining transaction data with ‘green’ certification ratings: Brounen and Kok (2011), Bloom et al (2011), Kahn and Kok (2014), Deng et al (2012), Walls et al (2013), and Hyland et al (2013) all find positive impacts, especially from LEED and Energy Star certifications schemes. But these studies also have shortcomings.…”

Section: Related Literaturementioning

confidence: 99%

The market value of energy efficiency in buildings and the mode of tenure

Kholodilin

Mense²,

Michelsen

2016

Urban Studies

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in www.econstor.euThe market value of energy efficiency in owner-occupied and rental apartments: Evidence from the Berlin housing market AbstractGrowing scarcity of fossil fuels and climate protection targets require an increasing energy efficiency of the housing stock and substantial private investment. However, the incentives to raise energy efficiency may be different for owner-occupants and landlords; often named as the "landlord-tenant dilemma." This is particularly important for countries with a large residential rental sector, like Germany. Nevertheless, previous literature largely focuses on the pay offs owneroccupants receive from energy efficiency investments leaving out the rental market. This paper addresses this gap by comparing the capitalization of energy efficiency in selling prices (rents) for both types of residences. For this purpose apartment prices and rents from the Berlin housing market are analyzed in hedonic regressions. The estimations reveal that energy efficiency is well capitalized in apartment prices and rents. The comparison of implicit prices and the net present value of energy cost savings/rents reveals that investors anticipate future energy and house price movements reasonably. However, in the rental segment, the value of future energy cost savings exceeds tenants' implicit willingness to pay by factor 2.98. This can either be interpreted as a result of market power of tenants, uncertainty in the rental relationship, or the "landlord-tenant dilemma."

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Section: Related Literaturementioning

confidence: 99%

The market value of energy efficiency in buildings and the mode of tenure

Kholodilin

Mense²,

Michelsen

2016

Urban Studies

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“…Additionally, researchers have observed accelerated diffusion where the cost of achieving increased performance has dropped (Beerepoot and Beerepoot, 2007;Harvey, 2013;El-Shagi, Michelsen, and Rosenschon, 2014). To wit, the diffusion of energy innovations appears to be reflected and capitalized in the prices of commercial (Eichholtz, Kok, and Quigley, 2010;Eichholtz, Kok, and Yonder, 2012;Harvey, 2013;Nappi-Choulet and Decamps, 2013;Geiger, Cajias, and Fuers, 2014) and residential buildings (Costa and Kahn, 2009;Brounen and Kok, 2010;Aroul and Hansz, 2011;Bloom, Nobe, and Nobe, 2011;Dastrup, Graff, Costa, and Kahn, 2012).…”

Section: ͉ B a C K G R O U N D A N D C O N C E P T U A L M O D E L D E V E L O P M E N Tmentioning

confidence: 99%

Factors Influencing U.S. Homebuilders' Adoption of Green Homebuilding Products

Sanderford

Keefe

Koebel

et al. 2015

Journal of Sustainable Real Estate

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“…During the past decade, many research projects have investigated whether the aforementioned concerns were justified. The findings indicate that construction cost for what are generally considered green buildings was higher than for conventional buildings (Mathiessen and Morris, 2004;Schnieders and Hermelink, 2006;Zalejska-Jonsson et al, 2012), but the environmentally profiled buildings transact a sale premium on the commercial (Dermisi, 2009;Miller et al, 2009;Eichholtz et al, 2010;Fuerst and McAllister, 2011;) and residential market (Banfi, Farsi et al, 2008;Bloom et al, 2011;Brounen and Kok, 2011). Schnieders and Hermelink (2006) argued that buildings constructed according to the passive house concept fulfil three-dimensional sustainability goals.…”

Section: Introductionmentioning

confidence: 99%

Parameters contributing to occupants’ satisfaction

Zalejska‐Jonsson

2014

Facilities

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Purpose – The aims of this paper is to investigate the overall satisfaction of occupants of green and conventional residential buildings and their perception of indoor environment quality (IEQ) and to study factors that may cause occupants’ dissatisfaction. Design/methodology/approach – Data were collected through a survey sent to occupants of comparable green and conventional multi-family buildings. The difference in responses between occupants of green and conventional buildings was analysed using Mann–Whitney (rank sum) test. The ordered logistic models were applied to the data to test whether the overall satisfaction changes depending on the level of acceptance of indoor environment quality and whether the building environmental profile and the apartment tenure affect occupant satisfaction. Findings – The results show that both categories of occupants are very satisfied with their apartments and that there is no statistically significant difference between the stated overall satisfaction of occupants living in green and conventional buildings, although a difference was found in the acceptance level for thermal and sound quality. The research highlights the importance of occupant feedback, user-friendly technical installations and the ability to control indoor environment. This knowledge is important for designers, engineers and developers alike in enabling them to improve dwelling quality and minimize post-occupancy problems. Research limitations/implications – It was not possible to include physical measurements of IEQ parameters; the analysis is based only on occupants’ responses, which may carry a certain subjectivity. Originality/value – The paper contributes to the understanding of IEQ from occupant perspective and to knowledge on green building performance.

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Valuing Green Home Designs: A Study of ENERGY STAR^® Homes

Cited by 74 publications

References 9 publications

The market value of energy efficiency in buildings and the mode of tenure

The market value of energy efficiency in buildings and the mode of tenure

Factors Influencing U.S. Homebuilders' Adoption of Green Homebuilding Products

Parameters contributing to occupants’ satisfaction

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Valuing Green Home Designs: A Study of ENERGY STAR® Homes

Cited by 74 publications

References 9 publications

The market value of energy efficiency in buildings and the mode of tenure

The market value of energy efficiency in buildings and the mode of tenure

Factors Influencing U.S. Homebuilders' Adoption of Green Homebuilding Products

Parameters contributing to occupants’ satisfaction

Contact Info

Product

Resources

About

Valuing Green Home Designs: A Study of ENERGY STAR^® Homes