Non-market valuation of consumer benefits towards the assessment of energy efficiency gap

•Identifying the actual energy efficiency gap with the monetization of non-market benefits.•Demonstrating a stated preference approach to non-market valuation of benefits from the consumers’ perspective.•Evaluating the Willing-to-Pay of an Energy Efficiency Management system from a survey in public...

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Bibliographic Details
Published in:Energy and buildings 2019-02, Vol.184, p.264-274
Main Authors: Yang, Wenjing, Lam, Patrick T.I.
Format: Article
Language:English
Subjects:
Communications systems
Consumption
Contingent Valuation Method
Cost benefit analysis
Demographics
Energy efficiency
Energy efficiency gap
Energy Efficiency Management system
Energy management
Information systems
Information technology
Motivation
Non-market valuation
Ordered probit model
Pilot projects
Power efficiency
Project management
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Summary:•Identifying the actual energy efficiency gap with the monetization of non-market benefits.•Demonstrating a stated preference approach to non-market valuation of benefits from the consumers’ perspective.•Evaluating the Willing-to-Pay of an Energy Efficiency Management system from a survey in public housing.•Establishing an econometric model to examine the demographic and consumption characteristics affecting energy efficiency achievement. One difficulty of carrying out a full cost-benefit analysis in the assessment of energy efficiency investment is the monetization of non-market benefits. This research demonstrates a stated preference approach to non-market valuation of benefits from the consumer perception, by identifying the energy efficiency gap. Through the Contingent Valuation Method (CVM), the Willingness-to-Pay for non-market benefits was evaluated through a face-to-face survey on residents interested in participating in a pilot project of Energy Efficiency Management (EEM) system using Information Communication Technology (ICT) in Hong Kong. In addition, the influences of potential users’ demographic and consumption characteristics affecting the WTP of the EEM system are investigated by probit analysis and it was found that Age, Number of occupants, Intention and Perceived usefulness are the dominant factors. This study enables policy makers to enhance the gradual diffusion of energy efficiency technologies through energy management with the real time availability of consumption information.
ISSN:0378-7788
1872-6178
DOI:10.1016/j.enbuild.2018.11.053