Swedish public and private housing companies’ access to the capital market for financing energy renovation
(2023) In Journal of Housing and the Built Environment 38(2). p.673-697- Abstract
The financing of energy efficiency measures and renovations is key to reaching energy efficiency targets for the housing sector. The purpose of this article is to add the Swedish case of how capital market funds have become accessible and used by public and private housing companies, in particular for energy efficiency measures. The core of this article are interviews with representatives of Swedish housing companies made during the spring of 2021 with the purpose of mapping how public and larger private housing companies finance renovation and energy efficiency measures, and to what extent funds from the capital market are used for these purposes. In this article, we have found that capital market funds are commonly used by the Swedish... (More)
The financing of energy efficiency measures and renovations is key to reaching energy efficiency targets for the housing sector. The purpose of this article is to add the Swedish case of how capital market funds have become accessible and used by public and private housing companies, in particular for energy efficiency measures. The core of this article are interviews with representatives of Swedish housing companies made during the spring of 2021 with the purpose of mapping how public and larger private housing companies finance renovation and energy efficiency measures, and to what extent funds from the capital market are used for these purposes. In this article, we have found that capital market funds are commonly used by the Swedish public and the largest private housing companies. Bonds are less costly compared to bank loans, and green bonds are 0.02–0.03 percentage points less costly than conventional bonds. Furthermore, control systems that investigate the values of building portfolios as security for bonds are poor. A conclusion is that governmental control systems over the capital market issuing bonds for the housing market could be needed to avert future housing bubbles.
(Less)
- author
- Mangold, Mikael and Mjörnell, Kristina LU
- organization
- publishing date
- 2023
- type
- Contribution to journal
- publication status
- published
- subject
- keywords
- Capital market, Energy efficiency, Financing energy renovation, Housing ownership, Multifamily buildings, Renovation
- in
- Journal of Housing and the Built Environment
- volume
- 38
- issue
- 2
- pages
- 673 - 697
- publisher
- Springer
- external identifiers
-
- scopus:85142215266
- ISSN
- 1566-4910
- DOI
- 10.1007/s10901-022-09996-4
- language
- English
- LU publication?
- yes
- id
- 2c5f0b6d-1054-48b8-b756-805e302152f9
- date added to LUP
- 2023-01-20 13:50:21
- date last changed
- 2023-10-26 14:53:54
@article{2c5f0b6d-1054-48b8-b756-805e302152f9,
abstract = {{<p>The financing of energy efficiency measures and renovations is key to reaching energy efficiency targets for the housing sector. The purpose of this article is to add the Swedish case of how capital market funds have become accessible and used by public and private housing companies, in particular for energy efficiency measures. The core of this article are interviews with representatives of Swedish housing companies made during the spring of 2021 with the purpose of mapping how public and larger private housing companies finance renovation and energy efficiency measures, and to what extent funds from the capital market are used for these purposes. In this article, we have found that capital market funds are commonly used by the Swedish public and the largest private housing companies. Bonds are less costly compared to bank loans, and green bonds are 0.02–0.03 percentage points less costly than conventional bonds. Furthermore, control systems that investigate the values of building portfolios as security for bonds are poor. A conclusion is that governmental control systems over the capital market issuing bonds for the housing market could be needed to avert future housing bubbles.</p>}},
author = {{Mangold, Mikael and Mjörnell, Kristina}},
issn = {{1566-4910}},
keywords = {{Capital market; Energy efficiency; Financing energy renovation; Housing ownership; Multifamily buildings; Renovation}},
language = {{eng}},
number = {{2}},
pages = {{673--697}},
publisher = {{Springer}},
series = {{Journal of Housing and the Built Environment}},
title = {{Swedish public and private housing companies’ access to the capital market for financing energy renovation}},
url = {{http://dx.doi.org/10.1007/s10901-022-09996-4}},
doi = {{10.1007/s10901-022-09996-4}},
volume = {{38}},
year = {{2023}},
}