Energy Labels in the Housing Market: Matching Predictions and Realizations
||Aydin, Erdal; Dirk Brounen, Nils Kok
||Energy Labels in the Housing Market: Matching Predictions and Realizations
||20th Annual European Real Estate Society Conference in Vienna, Austria
||Energy labels have proven to be an effective means for nudging households to make sustainable choices. The label information regarding future energy use has inspired consumers around the world to opt for more energy efficient cars to commute to work and to select more efficient appliances at home. But regarding the home itself, energy labels have been less successful, or so it seems. In order to have an effect on consumer choice, energy labels need to meet three conditions, they need to be available, understandable, and reliable. In this paper, we examine the extent to which these criteria are met using a unique, detailed microeconomic dataset that contains information regarding the home, utility bills and energy labels for 779,383 addresses in the Dutch housing market. Since 2008, energy labels are available in this market, since 2010 these energy labels are understandable to consumers, and our results show that these labels are 81% reliable when compared to subsequent energy bills.
||Residential energy, Energy labels, Housing market, Rebound effect, Residential heating
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||C-7: Green Buildings & Environmental Policies
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