Investment Decisions under the revised Energy Performance of Buildings Directive

Sammanfattning

The revised Energy Performance of Buildings Directive (EPBD) strengthens the regulatory framework for improving the energy performance of the existing building stock in the European Union. In Sweden, the implementation of the directive is particularly relevant for residential buildings with low energy performance, especially buildings in energy classes F and G. This thesis examines how the revised EPBD influences investment decisions among Swedish real estate companies when renovating low-performing residential buildings. It also analyses which energy efficiency measures appear most relevant in a Swedish context and whether there are identifiable thresholds where further measures are perceived as less cost-effective. The study applies a qualitative research design based on document and policy analysis combined with semi-structured interviews. The document analysis examines the regulatory framework, implementation mechanisms and policy context of the revised EPBD, while the interview study captures strategic perspectives from Swedish real estate companies and actors involved in national implementation. The analysis is supported by theoretical perspectives on the energy-efficiency gap, principal-agent problems, investment under regulatory uncertainty and institutional pressures. The findings show that the revised EPBD increases the strategic importance of low-performing residential buildings but does not fundamentally replace existing investment logics. Real estate companies continue to evaluate energy efficiency measures through established financial criteria, including return requirements, payback periods, financing conditions and coordination with planned maintenance. Regulatory uncertainty also affects investment timing, encouraging caution, staged planning and delayed commitments before larger irreversible measures are undertaken. Measures perceived as most relevant include operational optimisation, ventilation improvements, heat recovery systems and, where technically and economically justified, roof and facade measures. However, their relevance depends strongly on building-specific conditions, renovation cycles and practical feasibility. The study concludes that the EPBD may strengthen the role of energy performance in portfolio- level planning and increase attention to buildings in energy classes F and G. However, its practical impact is constrained by economic, technical and strategic thresholds. The directive therefore acts primarily as a reinforcing regulatory pressure rather than as a complete transformation of investment decision-making in the Swedish residential real estate sector.