Beelen, Danique van (2022) Monetary and Non-Monetary Values of Energy Efficient Attributes in Residential Property: Do They Match? Master thesis.
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Abstract
After the adoption of the National Climate Agreement by the Dutch House of Representatives, the use of renewable sources and energy efficient attributes in housing to create a climate neutral society by 2050 became one of the important long-term policy goals. The effect of energy efficiency in housing has been studied in the past, but the current body of literature lacks further insights into the comparison between the monetary and non-monetary effects of energy efficiency on the residential market. Such insights help to verify whether energy efficient attributes induce both a premium on the property price, caused by the willingness to pay, and increased residential satisfaction, leading to sufficient willingness to pay. This study compares and elaborates on how the monetary value of property and the non-monetary residential satisfaction of residents are affected as a result of energy efficient attributes in housing by performing hedonic pricing modelling and ordered logistic regressions using WoON 2018 data. The dataset includes information on Dutch demographics, household characteristics, property characteristics, and neighbourhood characteristics. The results show that the energy efficient attributes associated with property values have limited correspondence to the attributes which positively impact residential satisfaction. This finding suggests that the willingness to pay generated by residential satisfaction does only seem to induce a limited ability to charge premiums for the relevant energy efficient attributes. The limited correspondence observed in the analysis may be the result of factors like brown discounts, low capitalisation rates and financial incentives. This study adds to the existing body of literature by providing a comparison of both types of valuation and a better understanding of the underlying assumption of willingness to pay for energy efficient attributes in housing.
| Item Type: | Thesis (Master) |
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| Degree programme: | Spatial Sciences (Research) |
| Supervisor: | Daams, M.N. |
| Date Deposited: | 20 Jul 2022 07:19 |
| Last Modified: | 20 Jul 2022 07:19 |
| URI: | https://frw.studenttheses.ub.rug.nl/id/eprint/3850 |
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