The effect of GSHP installation on real estate value in Norway and Europe
Installation of energy efficiency measures in buildings does not only affect energy bills but also has the potential to increase real estate values. Positive effects on real estate value by investing in a ground source heat pump (GSHP) have been observed in several countries, but there has been a lack of such data from Norway. This paper summarizes findings from studies on the increased real estate value of GSHP installations and other energy efficiency measures in European countries. Additionally, results from Norway are covered and discussed. Overall, the paper aims to present the current European valorisation of GSHPs. It is found that Sweden, France and Italy have the highest increases in real estate value from investing in a GSHP and Germany, Belgium and Spain show the highest returns of investment upon sale of a residence with energy efficiency measures in general, whereas Norway is lagging behind with only 4-8% increase. The paper also shows that systematic errors are likely to affect the result for expected increase in real estate value, and measures are proposed in order to avoid this error when estimating the real estate value after a GSHP installation in different locations.