The Chain of Effects of Energy Retrofit Measures - A Contribution to the Project RentalCal

Further improvements of the buildings stock's energy performance are a necessary precondition to achieve Europe's climate and energy policy objectives. Hereto, many investors need to overcome their insecurities regarding the profitability of such measures. As a contribution to the EU-project RentalCal, in this paper it is discussed and illustrated, what consequences result from energy performance improvements of existing buildings and how they influence cash flow and real estate value along a chain of effects. In particular, explanatory patterns and lines of arguments which complement and interpret empirical evidence are developed.