Energirenovering som investering : En studie av energibesparande investeringar i befintliga fastighetsbestånd

Sammanfattning

Title: Energy Renovation as an investment- A study of energy saving investments in existing Real Estate Portfolios. Subject: Independent Degree Project in business administration, 15 hp Authors: Hampus Calås & Albin Haag Keywords: Energy renovation, energy efficiency, investment, strategy. Research Question: What strategies do real estate companies use for energy efficiency improvements in existing property portfolios? Purpose: The purpose of the study is to examine which strategies real estate companies use in energy renovations within existing property portfolios, with a focus on how financial assessments and financing solutions influence decision making. The aim is to create an understanding of how real estate companies adapt to increasing energy efficiency requirements though the EPBD, while economic conditions remain uncertain. Method: The study was conducted using a qualitative research method, where semi- structured interviews were carried out with experts from six different real estate companies located between Gothenburg and Halmstad. The collected empirical material was analyzed using thematic analysis. The analysis was supported by the theories of Net Present Value, Real Options Theory and the Stake holder model. Conclusion: The study shows that profitability is the primary driving force behind real estate companies’ investment in energy renovations. The results also indicate that the real estate companies largely prioritize smaller and more incremental energy efficiency measures, as well as actions carried out in connection with other maintenance work, rather than comprehensive renovations.