The value of residential energy efficiency in interior Alaska: A hedonic pricing analysis
Residents of Interior Alaska are faced with a cold climate and relatively high energy prices, which results in high home energy expenditures. Increasing the energy efficiency of the housing stock can help reduce household energy expenditures. Following a spike in oil prices in 2008, legislation was...
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ftrepec:oai:RePEc:eee:enepol:v:123:y:2018:i:c:p:450-460 2024-04-14T08:20:13+00:00 The value of residential energy efficiency in interior Alaska: A hedonic pricing analysis Pride, Dominique Little, Joseph Mueller-Stoffels, Marc http://www.sciencedirect.com/science/article/pii/S0301421518306219 unknown http://www.sciencedirect.com/science/article/pii/S0301421518306219 article ftrepec 2024-03-19T10:29:39Z Residents of Interior Alaska are faced with a cold climate and relatively high energy prices, which results in high home energy expenditures. Increasing the energy efficiency of the housing stock can help reduce household energy expenditures. Following a spike in oil prices in 2008, legislation was passed, which created the Home Energy Rebate Program. Homeowners participating in the program were eligible to receive up to a $10,000 rebate for preapproved home energy efficiency improvements. This paper examines the effect of the Home Energy Rebate program on the selling prices of single-family residences in the Fairbanks North Star Borough from 2008 through 2015 using a hedonic pricing analysis. The results show that homes that completed the Home Energy Rebate program in the Fairbanks North Star Borough sell for a 15.1–16.5% price premium over similar homes that did not complete the program, which indicates that investments in residential energy efficiency are compensated. This is the first study to examine the impact of energy efficiency on house prices in a market with a subarctic climate. Residential energy efficiency; Hedonic valuation; Alaska; Article in Journal/Newspaper Subarctic Alaska RePEc (Research Papers in Economics) Fairbanks North Star ENVELOPE(-117.636,-117.636,56.850,56.850) |
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RePEc (Research Papers in Economics) |
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Residents of Interior Alaska are faced with a cold climate and relatively high energy prices, which results in high home energy expenditures. Increasing the energy efficiency of the housing stock can help reduce household energy expenditures. Following a spike in oil prices in 2008, legislation was passed, which created the Home Energy Rebate Program. Homeowners participating in the program were eligible to receive up to a $10,000 rebate for preapproved home energy efficiency improvements. This paper examines the effect of the Home Energy Rebate program on the selling prices of single-family residences in the Fairbanks North Star Borough from 2008 through 2015 using a hedonic pricing analysis. The results show that homes that completed the Home Energy Rebate program in the Fairbanks North Star Borough sell for a 15.1–16.5% price premium over similar homes that did not complete the program, which indicates that investments in residential energy efficiency are compensated. This is the first study to examine the impact of energy efficiency on house prices in a market with a subarctic climate. Residential energy efficiency; Hedonic valuation; Alaska; |
format |
Article in Journal/Newspaper |
author |
Pride, Dominique Little, Joseph Mueller-Stoffels, Marc |
spellingShingle |
Pride, Dominique Little, Joseph Mueller-Stoffels, Marc The value of residential energy efficiency in interior Alaska: A hedonic pricing analysis |
author_facet |
Pride, Dominique Little, Joseph Mueller-Stoffels, Marc |
author_sort |
Pride, Dominique |
title |
The value of residential energy efficiency in interior Alaska: A hedonic pricing analysis |
title_short |
The value of residential energy efficiency in interior Alaska: A hedonic pricing analysis |
title_full |
The value of residential energy efficiency in interior Alaska: A hedonic pricing analysis |
title_fullStr |
The value of residential energy efficiency in interior Alaska: A hedonic pricing analysis |
title_full_unstemmed |
The value of residential energy efficiency in interior Alaska: A hedonic pricing analysis |
title_sort |
value of residential energy efficiency in interior alaska: a hedonic pricing analysis |
url |
http://www.sciencedirect.com/science/article/pii/S0301421518306219 |
long_lat |
ENVELOPE(-117.636,-117.636,56.850,56.850) |
geographic |
Fairbanks North Star |
geographic_facet |
Fairbanks North Star |
genre |
Subarctic Alaska |
genre_facet |
Subarctic Alaska |
op_relation |
http://www.sciencedirect.com/science/article/pii/S0301421518306219 |
_version_ |
1796298435981213696 |