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EPC Green Premium in Two Different European Climate Zones: A Comparative Study between Barcelona and Turin

Author

Listed:
  • Federico Dell’Anna

    (Department of Regional and Urban Studies and Planning, Politecnico di Torino, 10125 Torino, Italy)

  • Marina Bravi

    (Department of Regional and Urban Studies and Planning, Politecnico di Torino, 10125 Torino, Italy)

  • Carlos Marmolejo-Duarte

    (Escola Tècnica Superior d’Arquitectura de Barcelona, Centre de Política de Sòl i Valoracions, Universitat Politècnica de Catalunya, 08028 Barcelona, Spain)

  • Marta Carla Bottero

    (Department of Regional and Urban Studies and Planning, Politecnico di Torino, 10125 Torino, Italy)

  • Ai Chen

    (Escola Tècnica Superior d’Arquitectura de Barcelona, Centre de Política de Sòl i Valoracions, Universitat Politècnica de Catalunya, 08028 Barcelona, Spain)

Abstract

Energy performance certificates (EPCs) are important tools aimed at improving buildings’ energy performance. They play a central role in the context of the Energy Performance of Buildings Directive (EPBD) which asks member states (MS) to take the necessary measures to establish a complete certification system. In this study, an application of the hedonic price method (HPM) assessing the effect of energy labels derived from the EPC on real estate market value is presented. The estimation methodology was applied to two European cities characterized by different climate conditions. The analysis was based on two datasets of listing prices referring to multi-family residential markets in Turin (Italy) and Barcelona (Spain). Four models for each dataset were applied to capture the marginal price of green attributes, but also to control for the spatial autocorrelation among values. The findings showed how the EPC has been applied in the two countries and how it has influenced the real estate market. Turin’s buyers pay more attention to the EPC label, while in Barcelona, they value much more single characteristics, such as air conditioning and a swimming pool, considered popular attributes among contemporary buildings in this climate zone. From the results, it is possible to deduce that the implementation of the EPC schemes is still irregular in EU countries and must be strengthened through a standardized rating model.

Suggested Citation

  • Federico Dell’Anna & Marina Bravi & Carlos Marmolejo-Duarte & Marta Carla Bottero & Ai Chen, 2019. "EPC Green Premium in Two Different European Climate Zones: A Comparative Study between Barcelona and Turin," Sustainability, MDPI, vol. 11(20), pages 1-21, October.
    • Handle: RePEc:gam:jsusta:v:11:y:2019:i:20:p:5605-:d:275508
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    References listed on IDEAS

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    4. Marmolejo-Duarte, Carlos & Chen, Ai, 2022. "Uncovering the price effect of energy performance certificate ratings when controlling for residential quality," Renewable and Sustainable Energy Reviews, Elsevier, vol. 166(C).
    5. Matheus Koengkan & Nuno Silva & José Alberto Fuinhas, 2023. "Assessing Energy Performance Certificates for Buildings: A Fuzzy Set Qualitative Comparative Analysis (fsQCA) of Portuguese Municipalities," Energies, MDPI, vol. 16(7), pages 1-30, April.
    6. Ou, Yunbei & Bailey, Nick & McArthur, David Philip & Zhao, Qunshan, 2024. "The Price Premium of Residential Energy Performance Certificates: A Scoping Review of the European Literature," OSF Preprints bm9xk, Center for Open Science.
    7. Alice Barreca & Elena Fregonara & Diana Rolando, 2021. "EPC Labels and Building Features: Spatial Implications over Housing Prices," Sustainability, MDPI, vol. 13(5), pages 1-21, March.
    8. Bragolusi, Paolo & D'Alpaos, Chiara, 2022. "The valuation of buildings energy retrofitting: A multiple-criteria approach to reconcile cost-benefit trade-offs and energy savings," Applied Energy, Elsevier, vol. 310(C).
    9. Zhou, Yuwen & Tian, Lixin & Yang, Xiaoguang, 2023. "Schumpeterian endogenous growth model under green innovation and its enculturation effect," Energy Economics, Elsevier, vol. 127(PB).
    10. Paolo Bragolusi & Chiara D’Alpaos, 2021. "The Willingness to Pay for Residential PV Plants in Italy: A Discrete Choice Experiment," Sustainability, MDPI, vol. 13(19), pages 1-13, September.
    11. Koengkan, Matheus & Fuinhas, José Alberto & Osmani, Fariba & Kazemzadeh, Emad & Auza, Anna & Alavijeh, Nooshin Karimi & Teixeira, Mônica, 2022. "Do financial and fiscal incentive policies increase the energy efficiency ratings in residential properties? A piece of empirical evidence from Portugal," Energy, Elsevier, vol. 241(C).
    12. Didem Gunes Yilmaz & Fatma Cesur, 2023. "A Study for the Improvement of the Energy Performance Certificate (EPC) System in Turkey," Sustainability, MDPI, vol. 15(19), pages 1-24, September.
    13. Cespedes-Lopez, Maria-Francisca & Perez-Sanchez, V. Raul & Mora-Garcia, Raul-Tomas, 2022. "The influence of housing location on energy ratings price premium in Alicante, Spain," Ecological Economics, Elsevier, vol. 201(C).
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    15. Chiara D’Alpaos & Paolo Bragolusi, 2020. "The Market Price Premium for Buildings Seismic Retrofitting," Sustainability, MDPI, vol. 12(21), pages 1-20, October.

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