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INFORMATION The Capitalization of Green Labels: Evidence from California's Residential Housing Market READ HERE

Regional Science and Urban Economics has published the Kahn and Kok paper estimating hedonic residential real estate models of the price premium for "green" real estate.   Here is our paper's abstract.

Abstract

The residential sector accounts for 33% of electricity consumption in the U.S., with a total expenditure of $166 billion in 2010. Increasing the energy efficiency of the durable housing stock can thus provide significant cost savings for consumers. One promising trend is the rise of homes labeled by a third party as “green” or energy efficient. This paper documents evidence on the effects of providing information about the energy efficiency and “sustainability” of structures in affecting consumer choice. We conduct a hedonic pricing analysis of all single-family home sales in California over the time period 2007 to 2012, and find that homes labeled with a green label transact at a small premium relative to otherwise comparable, non-labeled homes. We show evidence of spatial variation in this capitalization such that both environmental ideology and local climatic conditions play a role in explaining the variation in the green premium across geographies.

I'm posting this post because the 2012 version of the paper reports larger capitalization effects relative to the published version.  We do still find that there is a price premium for "green" real estate but our refined 2013 estimates are smaller than those we reported in the 2012 paper.  The difference is that in the final specifications, we include zip code by street fixed effects.  Intuitively, this means that we are comparing homes in the same zip code and located on the same street (so 123 Elm Street and 248 Elm Street are both on Elm Street).

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