The Value of Energy Efficiency and the Role of Expected Heating Costs



The German Energy Performance of Buildings Directive requires sellers on the housing market to provide detailed information on expected yearly energy consumption per square meter (energy performance, EPS). This paper uses variation in local fuel prices and climate, fuel types, and building ages to analyse the relationship between expected energy cost savings from energy efficient building structure and house prices in a data set of listing prices from all regions of Germany. Results suggest that heating cost considerations are less relevant than previously thought.


Climate Energy efficiency Heating fuel prices House price capitalisation 

JEL Classification

R3 Q4 Q5 


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Copyright information

© Springer Science+Business Media B.V. 2017

Authors and Affiliations

  1. 1.Chair of Social PolicyFriedrich-Alexander-Universität Erlangen-NürnbergNurembergGermany

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