*Article* **Energy Performance Certificates—The Role of the Energy Price**

#### **Jon Olaf Olaussen 1,\*, Are Oust 1, Jan Tore Solstad 1 and Lena Kristiansen 2**


Received: 22 August 2019; Accepted: 16 September 2019; Published: 17 September 2019

**Abstract:** Energy performance certificates (EPCs) were introduced to give property buyers better information about the energy e fficiency of dwellings and provide incentives to make energy-e fficient investments. Previous studies on the e ffect of EPCs on property value have yielded divergent results, with some studies finding that energy labels a ffect property values, but others finding that energy labels have little or no e ffect. The present paper takes the analysis one step further. Using data on energy prices in combination with transaction data from Oslo, we conclude that not only the energy label, but also the energy performance of dwellings in general, has little to no e ffect on transaction prices. This result is in line with the inferences of several survey studies, which indicate that when people buy a dwelling, they pay considerably less attention to its energy performance compared with other factors, such as the location, neighborhood, size, garden, and the number of bedrooms.

**Keywords:** energy performance certificates; PV energy cost; PV energy savings; house prices; environmental regulation
