How much does the energy class of our dwellings matter to us? an analysis of the level of understanding of EPCs, willingness to pay and reasons for payment in Barcelona.
Keywords:
energy performance certi cates, contingent valuation, residential market, energy classAbstract
This article reports the results of pioneer research in Spain whose objectives are to analyze the level of understanding of energy performance certi cates (EPC) by households and to know the willingness to pay (WTP) for energy ef cient housing and the in uencing factors. By means of contingent valuation, the WTP was calculated to improve the energy class of a typical apartment in Barcelona. In general, respondents were unaware of the elements that determine energy class, especially individuals with less education and senior citizens. This lead to mistrust of certi cates and to the undervaluing of energy- ef cient housing. The WTP for the improvement E->A was found to be 30.58 euros/month, which equals electricity bill savings. Behind WTP there were underlying nancial reasons, such as income level or economic savings, but also sensitivity to the environment and responsible consumption. Finally, those who prefer to buy rather than rent seemed to be more willing to pay for a better rating. All this constitutes a clear message for energy and housing policy.
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