Publications by partners
The publications here are all in English. Publications in national languages can be found on the country pages.
The latest publication is listed first. Recently a new article has been published - see after the papers.
In autumn 2018 the Energy Policy and Development Centre (KEPA) at the National and Kapodistrian University of Athens held its 11th International Scientific Conference. This three day venue looked at green energy investments stressing the policy dialogue and the market perspectives and offered an interdisciplinary platform for international researchers. The 2018 scientific session dealt with energy and climate change. In this frame the German RentalCal partner IWU presented the RentalCal findings. Iris Behr and Andreas Enseling considered How to speed energy efficiency investment in the rented housing sector of eight member states.
Keywords of the talks and the delivered article had been: Profitability of energy efficiency investments, landlords’ perspective, impact of green investment within the housing sector.
For those that want to have a closer look at those key words the article is attached.
Over the past few years there is a growing interest in cutting edge technologies and new products and solutions that help to meet ambitious energy targets. These innovations in the field of energy efficiency are available all around the world, however in spite of the fact that the awareness is raising, the market still remains rather conservative. There are more possible reasons to explain this such as high costs, lack of robustness of certain products, need for highly qualified manpower or lack of information about the behaviour over time.
Donald Stevens, Franz Fuerst, Hassan Adan, Dimitra Kavarnou, Ramandeep Singh, University of Cambridge and Dirk Brounen, Erasmus University Rotterdam (EUR), Risks and Uncertainties Associated with Residential Energy Efficiency Investments
The results of the paper demonstrate that financial returns and payback periods are most sensitive to changes in debt, energy prices, interest rates, initial investment costs, and holding periods. The results also underline the crucial role of market mechanisms (green rent premiums) for recouping these investments.
Hassan Adan, Franz Fuerst, Dimitra Kavarnou, Ramandeep Singh, University of Cambridge - Department of Land Economy, Me or My House? Investigating the Relative Importance of Household and Dwelling Characteristics for Household Energy Consumption
The main contribution of the study is to underline the relative importance of household socio-economic characteristics over dwelling characteristics in explaining per capita energy consumption. The reported findings challenge the prevailing policy practice, which focuses purely on dwelling characteristics, disregarding the occupants’ status and energy consumption behaviour.
Hassan Adan & Franz Fuerst, UCAM, Is there an Economic Case for Energy-Efficient Dwellings in the UK Private Rental Market?
The study confirms that energy efficiency features, as measured by the Energy Performance Certificate (EPC) rating, are associated with a small but significant influence on quoted rental prices. Conversely, there appears to be a price discount of some 6% for dwellings in the lowest energy performance category. A model of time-on-market yields inconclusive results but there is some, albeit weak, evidence of a negative relationship between time-on-market and energy efficiency ratings as more energy efficient dwellings tend to lease up more quickly.
Jonas Hahn, (International Real Estate Business School, Universitat Regensburg, Regensburg, Germany), Jens Hirsch, (International Real Estate Business School, Universitat Regensburg, Regensburg, Germany) and Sven Bienert, (International Real Estate Business School, Universitat Regensburg, Regensburg, Germany), Does “clean” pay off? Housing markets and their perception of heating technology
Joseph-Alexander Zeitler, (International Real Estate Business School, University of Regensburg, Regensburg, Germany), H2020 – RentalCal – European rental housing framework for the profitability calculation of energy efficiency retrofitting investments
The article provides a short overview on main investment barriers in Germany. It is found that both market conditions and information deficits harm energy efficiency investments. Frequently, the decision-making process is found difficult due to inflexible regulations and lack of knowledge. This dramatically reduces market incentives that are already in place. Most often, the investor user dilemma is seen as the main investment obstacle. In this context, transparency and reliability are found to trigger energy-efficient investments.
Read the paper here
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 ...
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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.
Read the paper here
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 Mörmann 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.
Read the paper here
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.
Read the paper here
Fuerst, F., Cajias, M.; Bienert, S. (2018): Tearing Down the Information Barrier: The Price Impacts of Energy Efficiency Ratings for Buildings in the German Rental Market. Energy Research and Social Science. Forthcoming
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.
Paloma Taltavul, University of Alicante, Green Premium Evidence from Climatic Areas: A Case in Southern Europe, Alicante (Spain)
The article has been published in "Sustainability" as part of the Special Issue "Sustainability Challenges in Real Estate Markets and Urban Property Developments". It is available online:
HTML Version: http://www.mdpi.com/2071-1050/11/3/686/htm
PDF Version: http://www.mdpi.com/2071-1050/11/3/686/pdf
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.
Read more here (p.14)
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.
Read the article here