Investments that make our homes greener: The role of regulation

• 成果类型: Article
• 署名作者: Clara, Nuno; Cocco, Joao F.; Naaraayanan, S. Lakshmi; Sharma, Varun
• 署名单位: Duke University; University of London; London Business School; Pennsylvania State System of Higher Education (PASSHE); Indiana University of Pennsylvania; Centre for Economic Policy Research - UK
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2026.104236
• 发表日期: 2026-03
• 页码: 104236
• 关键词: Real estate; household finance; Energy efficiency; Climate finance; energy; EFFICIENCY; price; buyers

摘要

Operation of residential buildings is responsible for roughly 22% of global energy consumption and 17% of CO2 emissions. We study the investments triggered by a regulatory intervention requiring rented properties to satisfy minimum energy efficiency standards. The analysis shows significant investments in low capital expenditure retrofits. Using an instrumented difference-in-differences methodology, we show that the investments do not have an economically significant impact on rents, so that landlords are not compensated for them.