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Buildings 2017, 7(2), 53; doi:10.3390/buildings7020053

Does the Energy Label (EL) Matter in the Residential Market? A Stated Preference Analysis in Barcelona

1
Centre for Land Policy and Valuations, Barcelona’s School of Architecture, Technical University of Catalonia, 08034 Barcelona, Spain
2
DIST (Interuniversity Department of Regional and Urban Studies and Planning), Politecnico di Torino, Torino 10125, Italy
*
Author to whom correspondence should be addressed.
Received: 28 March 2017 / Revised: 6 June 2017 / Accepted: 7 June 2017 / Published: 16 June 2017
(This article belongs to the Special Issue Real Estate Economics, Management and Investments)
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Abstract

Energy performance in buildings has become a milestone in EU environmental policy in the last 15 years. Nonetheless, in some countries such as Spain the full acceptance of the Energy Performance of Buildings Directive is still relatively rare and novel, with little evidence as to how relevant it is in the real estate market. There are different reasons for this phenomenon: on the one hand, the real estate crisis has paralyzed the completion of most of the works in new/refurbished efficient buildings (which renders it impossible to use revealed preference methods); on the other hand, information is not complete and the consumer’s perception of the relevant cost/benefits could be incorrect. For this reason, assessing the trade-off between the energy label and other specific attributes of the housing market has become important. To that end, a choice experiment following an RPL (Random Parameter Logit) model was employed. This form is suitable to accommodate various empirical situations where the assumptions of the Conditional Logit model have to be relaxed. Results suggest that the Energy Label (EL) does matter in the real estate market in relation to other residential attributes. Marginal willingness to pay for an “A” label instead of an “E” is significantly higher than the stated savings in energy costs. The respondents’ utility function seems to be also influenced by their educational level, as well as by their preference to own a house as opposed to renting it. View Full-Text
Keywords: Energy Label (EL); Energy Performance Certifications (EPC); choice experiments; buildings’ energy performance; Random Parameters Logit (RPL); housing policies; unlabelled choices Energy Label (EL); Energy Performance Certifications (EPC); choice experiments; buildings’ energy performance; Random Parameters Logit (RPL); housing policies; unlabelled choices
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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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Marmolejo-Duarte, C.; Bravi, M. Does the Energy Label (EL) Matter in the Residential Market? A Stated Preference Analysis in Barcelona. Buildings 2017, 7, 53.

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