The publications here are all in English. Publications in national languages can be found on the national pages.
Donald Stevens, Hassan Adan and Franz Fuerst, UCAM, Assessing Energy Efficiency Retrofit Valuation Risk: A RentalCal Tool Exemplary Case for Germany
The fact that best estimates are rarely realized without any deviations is common knowledge. In most cases, the uncertainty of parameters is incorporated by increases of the discount rate, both as implicit and explicit risk premia ...
Frede Hvelplund, AAU, 2 simple economic reforms could create massive energy conservation in smart energy systems
In this article, we will compare the costs of energy conservation in multifamily apartment buildings with the incentive system in the district heating supply system. We have calculated the energy conservation consequences of a 2-track reform where we have changed to 100% variable tariffs in combination with the introduction of public guaranty that makes 30 years, 2% loans possible.
Donald Stevens, University of Cambridge Six barriers and one solution for saving energy
To make new achievements in energy efficiency, we need to remove or minimize existing barriers. RentalCal project, supported by EASME, has studied the country specific barriers in the eight countries, participating in the consortium.
Hassan Adan & Franz Fuerst, UCAM, Drivers of household energy consumption- Energy efficiency labelling as a Credible Signalling Device
The uncertainty caused by the presence of asymmetric information represents a crucial barrier to unlocking greater green investments in the real estate market. In this study, we examine whether recent experiments of energy efficiency labelling of buildings offer ample opportunities in reducing information asymmetry in the real estate market by facilitating the exchange of accurate information on energy efficiency.
Dirk Brounen, TIA, Energy Capitalization in the Dutch Rental Market
Using a large dataset on the Dutch rental market we investigate whether dwellings with high energy e ciency are rented out at a premium. Given the importance of the buildings sector in the energy-related greenhouse gas emissions improving energy effciency is a key contribution to mitigating the climate change. The energy performance in the residential rental sector is of particular interest since the in- centives to undertake e ciency improving investments are distorted.
Kai Möhrmann and Thomas Lützkendorff "The chain of effects of energy retrofit measures – a contribution to the project RentalCal"
As a contribution to the EU-project RentalCal it is discussed and illustrated, what consequences result from energy performance improvements of existing buildings and how they influence cash flow and real estate value along a chain of effects. In particular, explanatory patterns and lines of arguments which complement and interpret empirical evidence are developed.
Tomáš VIMMR, STU-K, Andreas ENSELING, IWU, Thomas LÜTZKENDORF, KIT, Iris BEHR, Martin VACHE and Alexandra BEER, IWU, Decision support tools for economically viable energy efficiency retrofitting in the European rental housing stock
When considering the analysis of an energy efficiency retrofit, financial and engineering models are used to estimate the initial costs, energy savings, financing costs, occupancy trends and price premia as “best estimates”. Uncertain parameters regarding energy savings, interest rate expenses, rent increases, price appreciation and future occupancy levels need to be locked in order to run the model towards a useful outcome.
Marcelo Cajias Patrizia Immobilien ag, Franz Fuerst, University of Cambridge, Sven Bienert University of Regensburg "Are energy efficiency ratings ignored in the german housing market? – evidence from a large-sample hedonic study"
Improving the energy efficiency levels of the housing stock is of particular concern in the private rental market, where landlords and tenants do not share capital costs and utility cost savings in equal measure. But a research has found that energyefficient rental properties tend to lease up more quickly than their non-efficient peers.