Multiple benefits of renovation in buildings - PU Europe

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Multiple benefits of investing in energy efficient renovation of buildings Figure 13 Energy saving potential with rebound Mtoe 70 60 50 40 6 19 30 20 10 0 Without rebound Low rebound effect High rebound effect Rebound effect Energy saving potential Note: The figures depicts the low energy efficiency in 2020 Rebound effect is measured for room heating improvements (including insulation) Source: Copenhagen Economics based on Greening et al (2010) 1.5 Aggregating the benefits In order to consider the profitability of energy efficient renovation in buildings in the EU, not only the pure energy savings should be taken into account. Conversely, co-benefits such as health improvements and reduced outlay for subsidies to energy consumption and renewable energy deployment should also be considered. We estimate that by achieving the potential for energy efficient renovation in buildings in 2020, EU Member States may achieve annual benefits worth of €104 billion in the low EE scenario, and €175 billion in the high EE scenario, cf. Figure 14. €42 and €88 billion of these respectively are benefits from improved health, where our estimates are subject to considerable uncertainty and should be interpreted accordingly. If investments are continued in order to meet the energy efficiency potential in 2030, these annual benefits are likely to be doubled. Please note that in the aggregate benefits, the rebound effect has been taken into account. We apply a rebound effect of 20 per cent. This implies that the aggregate figures used in this section are 20 per cent lower than in the preceding sections, whenever the rebound effect is relevant. 22
Multiple benefits of investing in energy efficient renovation of buildings Figure 14 Annual benefits to society, 2020 Billion EUR 200 180 160 140 120 100 80 60 40 20 0 Total: 104 42 52 Low EE scenario 4 5 Total: 175 88 75 High EE scenario 6 6 Energy savings Reduced outlay on subsidies Reduced air pollution Health benefits Note: The rebound effect has been taken into account The total does not necessarily equal the sum of the elements due to rounding Source: Copenhagen Economics Our estimates suggest that by releasing the potential for energy efficiency renovation, public finances in Europe can be improved by €30 – 40 billion annually from 2020, cf. Figure 15. €19 and €27 billion of these respectively are benefits from improved health, where our estimates are subject to considerable uncertainty and should be interpreted accordingly. Continuing investments towards 2030 will most likely double this amount in 2030. Note that the benefits to public finances are a subset of the overall benefits to society. 23
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