A Feasibility Analysis of Energy Retrofit Initiatives Aimed at the Existing Property Assets Decarbonisation

Abstract

In light of the growing demand for sustainability in the construction sector and real estate market, the European Community (EC) has recently begun incentivizing renovations of private and public European buildings. This aligns with the EC’s aim to reduce harmful emissions by 55% by 2030 compared to 1990 levels, and to achieve complete decarbonization of buildings, i.e., zero harmful emissions in this sector, by 2050. Given this framework, this study aims to verify the financial viability associated with the construction of “green” buildings, as well as the associated monetary benefits related to the efficient nature of these buildings and the resulting reduction in energy consumption. Lastly, an investigation is conducted to determine the economic feasibility of energy retrofit initiatives on existing building assets by comparing the required costs to retrofit against the potential increase in market value of a retrofitted residential unit. Along with assessing the undisputed environmental advantages for the community and all building users, this research aims to assess the financial and economic feasibility of sustainable construction initiatives, providing insight into how best to pursue the EC’s aims.