The recent evolution of energy performance premiums in Barcelona

Decarbonization of buildings is a key step in curbing global Greenhouse Gas (GHG) emissions. In Europe such a goal has envisaged several policies including the creation of market incentives to foster energy retrofits and the construction of efficient homes. Energy Performance Certificates aimed to reduce information asymmetries may help to create market premiums for efficient dwellings. While extant research has focused in proving the existence of such premiums little attention has been paid to learn on their evolution. The events occurred in 2020–2023 period represent an exceptional opportunity to explore whether a better understanding of home deficiencies due to the COVID-19 lockdown and the boom of energy prices produced by Ukraine invasion have affected the marginal price of energy efficiency. In doing so a set of hedonic models have been calibrated using selling apartments in Metropolitan Barcelona. Results suggest that the market premiums have unevenly arose in the different housing segments, being sharper in that targeted to low-income population. By creating brown discounts for the main assets of lest affluent population socioeconomic gaps are being enlarged. Such findings have relevant implications in critically assessing energy and housing policies.