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Does the energy label (EL) matter in the residential market?: a stated preference analysis in Barcelona
Marmolejo Duarte, Carlos Ramiro; Bravi, M.
Universitat Politècnica de Catalunya. Departament de Tecnologia de l'Arquitectura; Universitat Politècnica de Catalunya. CPSV - Centre de Política de Sòl i Valoracions
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
Àrees temàtiques de la UPC::Energies::Gestió de l'energia::Estalvi energètic
Àrees temàtiques de la UPC::Urbanisme
Buildings -- Energy conservation -- Spain -- Barcelona
Real property -- Valuation -- Spain -- Barcelona
Buildings' energy performance
Choice experiments
Energy Label (EL)
Energy Performance Certifications (EPC)
Housing policies
Random Parameters Logit (RPL)
Unlabelled choices
Béns immobles -- Valoració -- Catalunya -- Barcelona
Edificis -- Estalvi d'energia -- Catalunya -- Barcelona
Attribution-NonCommercial-NoDerivs 3.0 Spain

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