RenoValue aimed to strengthen the role of valuation professionals in the market transition towards Nearly Zero Energy Buildings (NZEB).There is an emerging body of empirical evidence that high performing buildings do not only perform better in terms of energy efficiency but also financially, commanding higher rents or resale prices. Research has also shown that consumers and investors will respond favourably to energy efficiency (EE) and renewable energy sources (RES) if these are presented to them in a way that offers them value. Valuation professionals are well placed to comment on the financial impact of both asset specific and wider market factors. Harnessing valuation professionals’ expertise and client advisory role in the drive towards NZEB is therefore pivotal.Being able to demonstrate the business case to these stakeholders is prerequisite to accelerating the market transition towards Nearly Zero Energy Buildings (NZEBs). Yet the ability to demonstrate this business case for NZEB is exactly what is missing at present: valuation professionals lack both the skills and the knowledge to consistently take EE and RES issues into account when advising their clients. RenoValue aimed to fill this professional knowledge and skills gap amongst valuation professionals focusing on three major issues: the commitment of valuation professionals, the quality of data and information management sources and the lack of dedicated direction and guidance for valuation professionals.
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The project is now closed. During the first year, RenoValue has undertaken and concluded a market research and a consultation with over 150 stakeholders in seven European countries including Belgium, Germany, Italy, The Netherlands, Poland, Sweden and the UK. The research was meant to inform the development of training material for property valuation professionals on how to factor sustainability into real estate market decision making and daily valuation practice. It provided insight into the current level of consideration currently given to EE and RES while also outlining the key barriers that currently prevent them from getting more attention. The finding of this phase were summarized in the Renovalue Market Insight Report which can be downloaded from www.renovalue.euDuring the second year of implementation RenoValue developed training material to provide practising valuation professionals across the EU with a more profound knowledge base regarding, e.g. the latest EE and RES technological solutions, their impact on various economic building performance aspects, respective information sources, as well as methodological and theoretical guidance so that valuation professionals can appropriately factor in EE and RES issues.The training material developed was piloted among practicing valuation professionals from 10 EU countries and was fine-tuned according to their feedback. Those countries were: the United Kingdom (UK), Italy (IT), Poland (PL), Belgium (BE), the Netherlands (NL), Germany (DE), Sweden (SE), France (FR), Greece (GR) and Cyprus (CY). The training material developed consist of 1) a six module eLearning course that is accessible via the RICS Online Learning Academy and is available in eight languages 24/7 to interested valuation professionals and 2) a set of 104 slides designed as support for professional trainers, valuers´ associations and other stakeholders that organize face to face training sessions and CPD events. The slides are downloadable from the RenoValue website www.renovalue.eu in eight languages. The improved information flow regarding potential benefits of investment in NZEB will ultimately lead to increased levels of investment into EE and RES aspects across the EU, contributing to the achievement of the EU NZEB and 2020 energy targets.
RenoValue research and consultations have unveiled the key barriers hindering valuation professionals to fully take into account EE and RES issues in their advice to clients:
- A lack of awareness among valuation professionals;
- A lack of training of valuation professionals (but also investors, ...) that consistently takes into account EE and RES aspects;
- A lack of data and transparency, including a lack of adequate property transaction data, property operational cost data, a publicly available central database of Energy Performance Certificates (EPCs) and a lack of quality and internationally recognised public building rating certificates.
Partners and coordinatorList Map
|Business Solutions Europa Limited||United Kingdom|
|Politecnico di Milano||Italy|
|Narodowa Agencja Poszanowania Energii S.A.||Poland|
|The Royal Institution of Chartered Surveyors||United Kingdom|
|Karlsruhe Institute of Technology||Germany|
|CBRE Ltd||United Kingdom|
|Troostwijk Groep B.V.||Netherlands|
Business Solutions Europa Limited
+ 32 486 619 818
Duration:13/02/2014 to 12/06/2016