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| DOI | 10.1016/j.enpol.2021.112137 |
| Should commercial mortgage lenders care about energy efficiency? Lessons from a pilot study | |
| Mathew P.; Issler P.; Wallace N. | |
| 发表日期 | 2021 |
| ISSN | 03014215 |
| 卷号 | 150 |
| 英文摘要 | Commercial mortgage underwriting practices currently do not fully account for energy risks to net operating income (NOI), especially changes in energy costs over the course of a mortgage term. This paper first introduces two metrics that can be used to characterize the increase in default risk due to increases in energy costs during a mortgage term: decrease in debt service coverage ratio (ΔDSCR); and increase in probability of default (ΔDP). Both these metrics were designed to be simple to calculate, utilizing data that are already being collected in loan applications. Next, we present results from a pilot study on the application of these metrics to five loans from three lenders. The results show that energy risks can vary between different properties and across different years within a given property, due to variations in energy usage. All three lenders concurred that these results suggest energy risks can in fact be material, and affirmed the metrics are a viable approach to incorporate energy risk analysis into mortgage underwriting. The policy implications include energy cost disclosure in loan applications; and incentives such as lower interest rates for energy efficient buildings and additional loan proceeds to improve efficiency and lower energy costs. © 2021 Elsevier Ltd |
| 关键词 | Commercial building mortgagesEnergy efficiencyEnergy riskMortgage default risk |
| 英文关键词 | Intelligent buildings; Public policy; Risk analysis; Risk assessment; Coverage ratio; Energy efficient building; Interest rates; Lower energies; Operating Income; Pilot studies; Policy implications; Probability of defaults; Energy efficiency; building; cost analysis; energy efficiency; energy policy; incentive; mortgage lending; probability; risk assessment; risk factor |
| 语种 | 英语 |
| 来源期刊 | Energy Policy
 |
| 文献类型 | 期刊论文 |
| 条目标识符 | http://gcip.llas.ac.cn/handle/2XKMVOVA/205249 |
| 作者单位 | Lawrence Berkeley National Laboratory, Berkeley, CA 94720, United States; Haas School of Business, University of California Berkeley, Berkeley, CA 94720, United States |
| 推荐引用方式 GB/T 7714 | Mathew P.,Issler P.,Wallace N.. Should commercial mortgage lenders care about energy efficiency? Lessons from a pilot study[J],2021,150. |
| APA | Mathew P.,Issler P.,&Wallace N..(2021).Should commercial mortgage lenders care about energy efficiency? Lessons from a pilot study.Energy Policy,150. |
| MLA | Mathew P.,et al."Should commercial mortgage lenders care about energy efficiency? Lessons from a pilot study".Energy Policy 150(2021). |
| 条目包含的文件 | 条目无相关文件。 | |||||
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