This presents a significant challenge in terms of data collection and has become a primary focus for our team.Įarly in our work, we identified hourly energy consumption data as the key parameter for estimating a house’s energy efficiency. We intended to provide tailor-made energy renovation advice to households without requiring them to provide us with their personal information. Value chain of the NEEM Core Solution Source: Copenhagen Economics Data foundation In the following, we provide an overview of the value chain of solutions required to produce the two-pager see also Figure 2. Also, our purpose is to create a solution where the bank can do some minimum screening of investment opportunities and hence address only households where existing available information suggests there might be a case for investing and providing financial gains for the customer without requiring the customer to provide any information. The reason is that once households are asked to enter personal information (e.g., report their energy bill or their number of windows), we would likely lose many potential customers. Moreover, we wanted to provide recommendations, without households providing any information themselves. This information is summarised in a two-page document (‘two-pager’) that is sent to households, along with a call for action to contact an energy advisor or vendor. Finally, the reduction in energy for a 130 m² house going from label G to C will save around 2.5 tons of CO 2 per year, corresponding to driving 20,238 km in a car.
We estimate that the cost of such a renovation would be around €40,000.We estimate that with such a renovation, you could save up to €1,100 per year on your energy bill.An energy renovation could increase your energy efficiency to label C. We estimate that your household currently has an energy performance certificate (EPC) label of G.We have analysed data for your home and found that it could be beneficial for you to make an energy renovation. Here is a concrete example of the message conveyed to a given household: Our vision is to develop a solution that provides the following information to households:Ī vision of the NEEM Core Solution Source: Copenhagen Economics The ultimate purpose of the solution is to identify, reach out to, and incentivise households where energy renovations would be beneficial, not only from a climate perspective but also from a financial perspective, where the savings in energy bills would surpass the costs entailed in such a renovation. This report will present the value chain for different solutions developed by the NEEM Hub to tackle the information gap. Therefore, the hub’s primary objective is to develop a solution that informs households of their options and potential benefits from energy renovations. This is a significant challenge for the Nordic market because even if energy renovations become more attractive (e.g., through taxes and subsidies), households may not consider making them. The purpose of the NEEM Hub is to address the “energy efficiency gap” or “information gap,” which refers to the fact that many households in the Nordics could benefit financially from energy renovations but remain unaware of them or do not consider them. To tackle the challenges of scaling up green mortgage lending, various solutions have been implemented under this initiative, such as the development of a common green mortgage label, the provision of material data flow for lending institutions, and market research. The goal of the EEMI is to assist mortgage lenders in Europe to fund energy renovations and provide green mortgage finance. The Nordic Energy Efficient Mortgage (NEEM) Hub is a regional part of the Energy Efficient Mortgage Initiative (EEMI) launched by the European Mortgage Federation in 2016. Blueprint of the NEEM Hub Core Solution Engaging financial institution customers and spurring action in renovating the private household sector
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