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SUMMARY:Energy Efficiency Improvements and Property Values: A Hedonic Anal
 ysis of Energy Performance Certificates and Market Incentives in England a
 nd Wales (by Robert Hill)
DTSTART:20230615T090000Z
DTEND:20230615T103000Z
DTSTAMP:20230427T125356Z
UID:presentation-129.series-10
DESCRIPTION:Increasing the energy efficiency of housing needs to be a key 
 part of government strategies to\nreach Net Zero carbon emissions by 2050.
  In this paper we measure the market incentives of\nowners to improve the 
 energy efficiency of residential properties and how these incentives diffe
 r\nby location and property type. By linking residential sales records for
  England and Wales with\ntheir Energy Performance Certificates (EPCs)\, we
  create a merged micro-level dataset providing transaction price\, physica
 l and locational characteristics\, energy performance\, recommended\nenerg
 y efficiency improvements\, and associated costs at the level of individua
 l properties. We\nalso construct a proxy for plot size using the exact geo
 graphic location and distances to neighbouring properties. We then estimat
 e a hedonic model to predict the property price increases if\nall EPC reco
 mmendations were implemented. Our results for the 2014-2022 period reveal 
 significant differences in market incentives across regions and property t
 ypes. On average\, we find\nthat 84.4% of the costs of EPC-recommended ene
 rgy efficiency improvements are capitalised\nin property prices for flats\
 , as compared with 59.4% for semis/terraces and 59.3% for detached\nhouses
 \, although significant differences exist between across regions. Subsidie
 s targeted to regions and property types where market incentives are weake
 st could help reduce the cost of\nreaching Net Zero carbon emissions by 20
 50.
LOCATION:SR Wegener Center\, Brandhofgasse 5\, 1st floor
ORGANIZER;CN="Douglas Maraun";ROLE=CHAIR:MAILTO:douglas.maraun@uni-graz.at
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