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Recognising Energy Efficiency Value in Residential Buildings

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
Leaflet | Map data © OpenStreetMap contributors, Credit: EC-GISCO, © EuroGeographics for the administrative boundaries

Coordinator

BAX INNOVATION CONSULTING SL

Address

Calle Casp 118-120 5º 2ª
08013 Barcelona

Spain

Activity type

Private for-profit entities (excluding Higher or Secondary Education Establishments)

EU Contribution

€ 311 250

Participants (5)

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SAVILLS (UK) LTD

United Kingdom

EU Contribution

€ 298 750

UNIVERSITEIT MAASTRICHT

Netherlands

EU Contribution

€ 261 250

ROYAL INSTITUTION OF CHARTERED SURVEYORS

United Kingdom

EU Contribution

€ 230 000

LUWOGE consult GmbH

Germany

EU Contribution

€ 277 500

VANHIER BV

Netherlands

EU Contribution

€ 190 000

Project information

Grant agreement ID: 649705

Status

Closed project

  • Start date

    1 March 2015

  • End date

    28 February 2019

Funded under:

H2020-EU.3.3.7.

  • Overall budget:

    € 1 568 750

  • EU contribution

    € 1 568 750

Coordinated by:

BAX INNOVATION CONSULTING SL

Spain