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The current literature has not investigated the perceived value of energy efficiency by households, regardless of financial benefits. Furthermore, there is a severe lack of research that investigates the effectiveness of the current format of EPC-labels. Therefore, the purpose of this paper is twofold: to study how households value energy efficiency in the housing market, regardless of price effects.

This study uses multiple hedonic regression models to analyse 706,778 Flemish properties for sale or rent between 2019 and 2023. The data is provided by Immoweb – the largest online real estate platform in Belgium. Given that the selling market is driven by different mechanisms than the rental market, the data set was divided in sold (522,164 listings) and rented properties (184,614 listings).

The ambiguous results of the A-label in the selling market indicate that the “class evaluation effect” found in related markets which use labels (e.g. household appliances) is also present in the housing market. However, the results of the other (lower) labels clearly show that owners do value energy improvements within labels, and this effect becomes stronger as the EPC-label becomes better. The rental market shows the opposite results. Energy improvements are only valued if they translate into a financial benefit. Taking these findings into account, the second part of this research shows that rescaling the EPC-label creates an incentive for improvements within labels.

This paper provides novel insights by studying the perceived value of energy efficiency in the absence of financial benefits and critically studying the effectiveness of the EPC-labels in their current shape. By investigating both the sales and rental market, the authors are able to make a comparison which creates valuable insights for academia, governments and real estate professionals.

This paper aims to focus on the assessment of a domestic property's energy performance status by a domestic energy assessor (DEA), to ascertain the possible underlying reasons for variability in the results of Energy Performance Certificates (EPCs). By variability, the authors mean discrepancies in assessment between different DEAs on similar properties. This is important because the uses for the EPC have been extended beyond their original function as an asset rating system, to include themes encompassing building policy decisions, building performance and the distribution of incentives and grants. Consequently, inaccuracies in EPC reporting will have a greater impact than may have been the case at the outset.

A case study approach involving the conducting of semi-structured interviews with 20 practicing DEAs was carried out, with transcribed recordings of the interview material subjected to thematic analysis. This formed part of a wider mixed methods study.

The results identify a wide range of underlying reasons for variability driven by issues in both practice and process, including conflicts of interests, the EPC auditing process, the default inputting of missing data by RdSAP where information may not be available/discoverable by the DEA, the quality and perception of EPCs and DEA training and experience.

The sample size of 20 is by definition limiting, and it is possible that different results would have been obtained from a different sample. Although thematic saturation from the analysis of the responses on the key question of whether EPCs are considered variable does mitigate this. The respondents were all in possession of five years or more experience and of carrying out EPCs for different purposes. Less experienced DEAs may inevitably have responded to questions differently. The thematic analysis gives the researcher control over the presentation of the results, and it is noted that this creates a potential for bias. The researcher is immersed in the world of construction and property, with regular contact with DEAs and EPCs, which may influence the perspective of the results.

The research identifies risks to the accuracy of EPCs. To this end, and with the specific research findings in mind, this research may be of interest to construction professionals with respect to EPC practice and procurement, to the Accrediting Bodies who audit EPCs, to the creators of RdSAP with respect to automated EPC inputs, to academics either at face value or for use in further research and to policy makers who may wish to consider RdSAP data in future with qualifiers or margins of error, or may even look to review the EPC as the instrument of choice for some applications.

There is much literature analysing the shortcomings and nuances of RdSAP results, and the software model that generates the EPC, but only very limited literature extending the discussion about RdSAP to its operator: the DEA. At the time of writing, there is no literature focusing directly on the DEA and its role within the EPC production process. Their role is more important now, given the expanding use of EPCs, and increased reliance on EPC data.

The purpose of this paper is to assess the impact of the Energy Performance Certificate (EPC) on the Italian real estate market, focusing on old buildings. The contribution of EPC labels to house prices and to market liquidity was measured to analyze different aspects of the selling process.

A traditional hedonic model was used to explain the variables of listing price, transaction price, time on the market and bargaining outcome. In addition to EPC labels, the building construction period and the main features of apartments were included in the model. A sample of 879 transactions of old properties in Turin in 2011-2014 was considered.

A first hedonic model let us suppose that low EPC labels (E, F and G) were priced in the market although EPC labels explained only 6-8 per cent of price variation. A second full hedonic model, which included apartment characteristics, revealed that EPC labels had no impact on prices.

In Italy EPC has been mandatory for house transactions since 2009, so there are few studies on the effect of EPC on the Italian real estate market at least to our knowledge. Furthermore, unusually for the Italian context, in this paper also transaction prices were analyzed, in addition to the more frequently used listing prices.

Nowadays, engineering, procurement and construction (EPC) contracts are being widely used to perform industrial and infrastructure projects because of several reasons like high speed of implementation. However, these contracts are always accompanied by high risks and uncertainties. Thus, selection of the right EPC contractor has significant importance. This paper aims to present a fuzzy multi-criteria decision-making (MCDM) model for EPC contractor prequalification.

First, the EPC contractor prequalification criteria are defined by using literature review and interviewing experts. Second, the weights of criteria are determined by interviewing experts. Then, each EPC contractor is evaluated in each criterion. Finally, fuzzy weighted average (FWA) approach is employed to select the right contractor among potential EPC contractors.

The proposed model is prepared as an applicable model for clients to select the right EPC contractors among contractors who want to conduct the project.

As a lack of applicable model does exist to assign the prequalification of EPC contractors, this study is one of the first research studies which proposed a fuzzy MCDM model for evaluation of EPC contractors. To cope with the uncertainty of the prequalification problem, fuzzy logic has been used. Using fuzzy sets leads to reaching more reliable results. Also, a real case study is provided to explain the proposed model.

This study aims to investigate the relationship between energy performance and property sale price in the Belfast housing market. How energy efficiency is contributes to sale price and thus appraisal value is of growing concern. The obligatory measurement of energy efficiency in private dwellings seeks to encourage improvements in energy performance. This may be capitalised into property value and may stimulate demand for energy-efficient buildings. However, the relationship between energy performance and property value remains nebulous, complex and under-researched – in part due to data limitations.

Using a hedonic pricing specification, this paper measures the effect of energy performance certificates (EPCs) on residential property value. It examines the relationship between 3,797 residential sales transactions across the Belfast housing market, showing the percentage effect on property value with respect to energy performance.

The results indicate a small but positive relationship between better energy performance and higher selling prices. Nonetheless, the findings point towards strong preference, demand tastes and a complex intra-relationship between EPCs and their capitalisation into property value. Pertinently, the findings point towards any energy-efficient-related price effect affect to be marginal alongside more “quality”-based market behaviours.

Analogous with other studies, data deficiencies and a lack of incorporating price determining variables (missing determinants) such as heating type and glazing type introduces omitted variable bias and endogeneity problems within the model structure.

This paper contributes to emerging literature and policy debate surrounding the measurement and implementation of energy-efficiency certification through a greater understanding of energy performance characteristics in determining property value.

The role of energy efficiency and particularly energy performance certificates (EPCs) has emerged as a topical and important aspect of real estate markets. Various studies have been carried out investigating the perceived capitalisation effects of energy efficiency on property prices. There, however, remains divergence of opinion whether the capitalisation effect is truly in existence with extant research showing differing magnitudes of effects, if any. To date, no study (that the authors are aware of) has investigated the nature of the transition between EPC bands and price effects. The purpose of this study is to add to the research of the energy efficiency of housing to examine the nature of the likelihood of property characteristics being associated with higher EPC scores and value.

This research undertakes a suite of methodological tests to investigate the more latent relationships between EPC bands and pricing behaviour using 3,797 achieved sales prices within the Belfast housing market. Binary logit regression models are specified in conjunction with a Polytomous Universal Model to examine the likelihood of EPC bands falling within a particular property type and the likelihood of any pricing effects.

The findings show the differing property types to comprise very distinct and complex relationships in terms of price and EPC banding. The binary logit model estimations for both terrace properties and apartments reveal an increased likelihood to obtain higher EPC scores, with the semi-detached sector displaying a “mixed effect” with detached property revealing decreased probability of having superior energy performance and decreased likelihood of having poorer energy performance. The ordinal model estimations indicate that sales price comprises no relationship with energy performance, inferring that there is no increased probability of an increase in sales price with higher EPC rating.

This research offers new insights and focus on achieving a better understanding of the nexus between energy performance and property characteristics using alternative modelling approaches. This provides more exploratory insights into the complex relationships and offers awareness for policy discourse in terms of targeting properties which will tend to be poorer in energy efficiency.

The purpose of this paper is to explore the key factors in generating trust, and the effects of trust on the intention to cooperate in energy performance contracting (EPC), from the perspective of energy saving companies (ESCOs).

A questionnaire survey was undertaken to collect the data from the experienced project managers in ESCOs. Structural equation modeling was used to test the hypotheses.

The results revealed that competence, integrity, communication, reciprocity and contract had positive effects on calculative trust and relational trust. Both calculative trust and relational trust, in turn, were found to have positive effects on the intention to cooperate.

The conclusions are derived from the Chinese cultural background and may apply to a certain geographical scope. In addition, this study focused on the perspective of ESCOs but did not consider that of facility owners.

This research would supply guidance for facility owners or users to cultivate trust from ESCOs and achieve cooperation in EPC.

Most of the existing studies have focused on the perspective of facility owners while few have attempted to investigate the perspective of ESCOs. This study contributes to the knowledge body relating to EPC by investigating the relationship between trust and the intention to cooperate from the perspective of ESCOs. In addition, most EPC studies recognized trust as a condition for the successful execution of EPC projects but failed to consider the role of trust in setting up the cooperation relationship prior to project execution.

This article aims to establish a dynamic Energy Performance Contract (EPC) risk allocation model for commercial buildings based on the theory of Incomplete Contract. The purpose is to fill the policy vacuum and allow stakeholders to manage risks in energy conservation management by EPCs to better adapt to climate change in the building sector.

The article chooses a qualitative research approach to depict the whole risk allocation picture of EPC projects and establish a dynamic EPC risk allocation model for commercial buildings in China. It starts with a comprehensive literature review on risks of EPCs. By modifying the theory of Incomplete Contract and adopting the so-called bow-tie model, a theoretical EPC risk allocation model is developed and verified by interview results. By discussing its application in the commercial building sector in China, an operational EPC three-stage risk allocation model is developed.

This study points out the contract incompleteness of the risk allocation for EPC projects and offered an operational method to guide practice. The reasonable risk allocation between building owners and Energy Service Companies can realize their bilateral targets on commercial building energy-saving benefits, which makes EPC more attractive for energy conservation.

Existing research focused mainly on static risk allocation. Less research was directed to the phased and dynamic risk allocation. This study developed a theoretical three-stage EPC risk allocation model, which provided the theoretical support for dynamic EPC risk allocation of EPC projects. By addressing the contract incompleteness of the risk allocation, an operational method is developed. This is a new approach to allocate risks for EPC projects in a dynamic and staged way.

A number of studies have investigated the relationship between energy performance certificates (EPCs) and house prices. A majority of studies have tended to model energy performance pricing effects within a traditional hedonic conditional mean estimate model. There has been limited analysis that has accounted for the relationship between EPCs and the effects across the pricing distribution. Moreover, there has been limited research examining the “standard cost improvements EPC score”, or “potential score”. Therefore, this paper aims to quantify and measure the dynamic effects of EPCs on house prices across the price spectrum and account for standardised cost-effective retrofit improvements.

Existing EPC studies produce one coefficient for the entirety of the pricing distribution, culminating in a single marginal implicit price effect. The approach within this study applies a quantile regression approach to empirically estimate how quantiles of house prices respond differently to unitary changes in the proximal effects of EPCs and structural property characteristics across the conditional distribution of house prices. Using a data set of 1,476 achieved transaction prices, the quantile regression models apply both assessed EPC score and bands and further examine the potential EPC rating for improved energy performance based on an average energy cost improvement.

The findings show that EPCs are valued differently across the quantiles and that conditional quantiles are asymmetrical. Only property prices in the upper quantiles of the price distribution show significant capitalisation effects with energy performance, and only properties with higher EPC scores display positive significant effects at the higher end of the price distribution. There are also brown discount effects evident for lower-rated properties within F- and G-rated EPC properties at the higher end of the pricing distribution. Moreover, the potential energy efficiency rating (score) also shows increased effects with sales prices and appears to minimise any brown discount effects. The findings imply that energy performance is a complex feature that is not easily “averaged” for valuation effect purposes.

While numerous studies have investigated the pricing effects of EPCs, they have tended to provide a single estimate to determine the relationship with price. This paper extends the traditional analytical insights beyond the conditional mean estimate by examining the quantiles of the relationship between EPCs and house prices to enhance the understanding of this esoteric and complex issue. In addition, this research applies the assessed energy efficiency potential to establish whether effective cost improvements enhance the relationship with sales price and capitalisation effects.

This paper aims to provide an overview of the electronic product code (EPC) and related RFID standards that are currently being rolled out in the retail industry.

It considers the EPC numbering schemes, air interface protocols, middleware aspects as well as scenarios for practical use.

Identifies possibilities and limitations of EPC standards, the current status of technology adoption and future fields of application.

Of interest to those concerned with RFID technology selection and infrastructure development.