{"title":"Estimating the Impact of Energy Efficiency on Housing Prices in Germany: Does Regional Disparity Matter?","authors":"Lisa Taruttis, C. Weber","doi":"10.2139/ssrn.3678595","DOIUrl":"https://doi.org/10.2139/ssrn.3678595","url":null,"abstract":"The German government aims at a climate-neutral building stock by 2050 to reach the goals defined in the Climate Action Plan 2050. Increasing the energy efficiency of existing buildings is therefore a high priority. For this purpose, investments of private homeowners will play a major role since about 46.5% of the German dwellings are owner-occupied. To identify potential monetary benefits of investing in energetic retrofits, we investigate whether energy efficiency is reflected in property values of single-family houses in Germany. Thereby we examine possible heterogeneous effects among regions. With 455,413 individual observations on a 1km²-grid level for 2014 to 2018, this study adds to the literature 1) by examining the effect of energy efficiency on housing values for Germany on a more small-scale level and specifically investigating regional disparities in this context and 2) by estimating an energy efficiency value-to-cost ratio. Applying a hedonic analysis, we find a positive relationship between energy efficiency and asking prices. We also find evidence for regional disparities. Effects are significantly weaker in large cities compared to other urban areas, whereas the impact in rural areas is much stronger. Since property values are expected to decline in rural regions, homeowners could alleviate this development by increasing the energy efficiency of their dwellings.","PeriodicalId":308222,"journal":{"name":"EnergyRN: Residential (Sub-Topic)","volume":"85 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126283160","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Venture Capital Valuation of Less Mature Clean Technology Firms – An Overview","authors":"O. Soliman","doi":"10.2139/ssrn.3575012","DOIUrl":"https://doi.org/10.2139/ssrn.3575012","url":null,"abstract":"Valuation of cleantech remains a new area within peer reviewed literature. Most economic/finance journals contain information on venture capital, or valuation methodologies. However, there isn’t a significant body of information available on venture capital valuation, with respect to cleantech. This research paper focuses on alternative energy cleantech, which centres on wind, solar, hydro, advanced batteries, and general energy solutions that look into low carbon technologies. This study takes a novel approach in examining valuation within the literature, in order to compare perceptions on valuation. This is done in conjunction with a literature examination on external factors, such as oil prices on clean-tech equity, and policy tariffs/subsidies. Subsequently, the survey component was conducted with cleantech venture capitalists, where they were asked questions, which aimed to determine the applicability of unique valuation methodologies within a specific firm. Such comparisons were studied, in order to determine discrepancies, and similarities between the literature, and Toronto based venture capital firms. The results demonstrated that there exists a discrepancy between what the literature describes as material, and what Toronto based venture capitalists stated was material in their respective firms. Venture capitalists use one dimensional, and multidimensional approaches in valuation, in order to determine individual firm risk, and market pricing for less mature cleantech firms. The literature focused greatly on one dimensional, valuation methodologies that prioritize individual firm risk. Therefore, the findings demonstrate that in order to successfully value a less mature cleantech firm, a multitude of valuation methodologies, which focus on one dimensional firm risk, and multi-dimensional market structures, must be in place, rather than a specific universally adaptable methodology.","PeriodicalId":308222,"journal":{"name":"EnergyRN: Residential (Sub-Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124723349","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Switching on Electricity Demand Response: Evidence for German Households","authors":"M. Frondel, G. Kussel","doi":"10.2139/ssrn.3198420","DOIUrl":"https://doi.org/10.2139/ssrn.3198420","url":null,"abstract":"Empirical evidence on the response of German households to electricity price changes is sparse. Using panel data originating from Germany’s Residential Energy Consumption Survey (GRECS), we fill this void by employing an instrumental variable approach to cope with the endogeneity of the consumers’ tariff choice. By additionally exploiting our information on the households’ knowledge about power prices, we also employ an Endogenous Switching Regression Model to estimate price elasticities for two groups of households, finding that only those households that are informed about prices are sensitive to price changes, whereas the electricity demand of uninformed households is entirely price-inelastic.","PeriodicalId":308222,"journal":{"name":"EnergyRN: Residential (Sub-Topic)","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126498848","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}