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Examining the inaction in energy renovation decisions: The role of transaction costs in single-family households in Sweden
LuleƄ University of Technology, Department of Social Sciences, Technology and Arts, Social Sciences.ORCID iD: 0000-0002-5194-4197
2024 (English)In: Energy Research & Social Science, ISSN 2214-6296, E-ISSN 2214-6326, Vol. 114, article id 103591Article in journal (Refereed) Published
Abstract [en]

Transaction costs associated with the transaction (frequency, asset specificity and uncertainty) and with the transactors (opportunistic behaviour, bounded rationality and information access) is assessed for investments in heat insulation and energy-saving windows. The decision is econometrically implemented as a binary choice, controlling for the transaction costs and sets of determinants affecting the decision. The results indicate that transaction costs are important determinants for the decision, but more so for heat insulation than for energy-saving windows. Besides transaction costs, experience, communication and length of stay in the dwelling are also affecting the decision. Contrary to previous studies, energy costs, net property values, and personal norms and perceptions are not affecting the decision to energy renovate. To achieve the energy and climate targets for the residential sector in EU, it is important to reduce the sector's energy consumption by creating incentives to do energy renovations. The results suggest that reducing the transaction costs associated with energy renovations might be an appropriate way to do that.

Place, publisher, year, edition, pages
Elsevier Ltd , 2024. Vol. 114, article id 103591
Keywords [en]
Energy efficiency, Energy renovation, Energy-saving windows, Heat insulation, Sweden, Time-bias
National Category
Energy Systems
Research subject
Economics
Identifiers
URN: urn:nbn:se:ltu:diva-105846DOI: 10.1016/j.erss.2024.103591Scopus ID: 2-s2.0-85193917670OAI: oai:DiVA.org:ltu-105846DiVA, id: diva2:1865569
Funder
Swedish Energy Agency, 49550-1
Note

Full text license: CC BY

Available from: 2024-06-05 Created: 2024-06-05 Last updated: 2024-06-05

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Lundmark, Robert

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3839404142434441 of 79
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