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Recognising Energy Efficiency Value in Residential Buildings

Objective

ReValue aims to lead the development of appraisal norms and standards that REcorgnise Energy Efficiency Value in social and private residential real estate.

Financing decisions in real estate are often based on formal appraisals of value. Current norms on valuation, such as RICS', recognise Energy Effiency (EE) as a potential source of value, but do not require taking this into account in appraisals, nor provide clear guidance on how to do so. As a result, investors are not provided with the formal basis to invest in or to provide financing (eg through mortgages) for EE components

For a standard renovation of a residential unit, up to 10k Euro in EE could be made ' bankable' if valuation norms and standards would better reflect long term EE value. At EU level, this could potentially unlock 20Bn Euro per year in financing of EE measures. Since 26% of EUs energy is consumed in homes, increasing investment on EE could significantly contribute to H2020 targets

Specific ReValue objectives are:
1 develop and propose a set of norms and policies in the valuation of residential property that recognise EE
2 align valuation techniques with such norms
3 validate the framework in 4 pilot projects across Europe
4 Stimulate uptake of the framework through widely recognised norms and support from key industry stakeholders

ReValue's consortium is industry-lead, including RICS, one of the globally recognised standardisation bodies, and Savills, a leading valuer, and academic and professional experts in accounting, economics and EE design. Through observer roles, the project collaborates with building owners across Europe, investors and a range of entities that support exploitation and dissemination of project results

In doing so, ReValue will contribute to reaching EE19's expected impact, by aligning valuation norms for optimal levels of investment of energy efficiency, and by increasing trust of investors and financiers in the financial viability of energy efficient measures

Field of science

  • /social sciences/economics and business/economics
  • /social sciences/economics and business
  • /engineering and technology/environmental engineering/waste management/energy efficiency

Call for proposal

H2020-EE-2014-3-MarketUptake
See other projects for this call

Funding Scheme

CSA - Coordination and support action

Coordinator

BAX INNOVATION CONSULTING SL
Address
Calle Casp 116-118, 5
08013 Barcelona
Spain
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
EU contribution
€ 311 250

Participants (5)

SAVILLS (UK) LTD
United Kingdom
EU contribution
€ 298 750
Address
33 Margaret Street
W1G 0JD London
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
UNIVERSITEIT MAASTRICHT
Netherlands
EU contribution
€ 261 250
Address
Minderbroedersberg 4-6
6200 MD Maastricht
Activity type
Higher or Secondary Education Establishments
ROYAL INSTITUTION OF CHARTERED SURVEYORS
United Kingdom
EU contribution
€ 230 000
Address
Great George Street 12 Parliament Square
SW1P 3AD London
Activity type
Other
LUWOGE consult GmbH

Participation ended

Germany
EU contribution
€ 277 500
Address
Donnersbergweg 2
67059 Ludwingshafen
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
VANHIER BV
Netherlands
EU contribution
€ 190 000
Address
Rijksweg 103
1906 BG Limmen
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)