Nowadays relatively wide body of literature in the field of real estate handles the value of sustainability Ð and as a part of it, the value of energy efficiency. Most of this literature seems to be focusing on the issues of what kind of green value there possibly exists in the different real estate submarkets. Drivers of the green value have also been discussed and many factors have been argued like energy savings, rent premiums, enhanced brand images and decreased risk level.

However, conceptualization of the green value has been discussed less and connection to value theory has been almost slurred. Hereby, questions like how subjective and objective nature of green value can be characterized, how they are interweaved and how subjective value perceptions drive the objective value in the market are paid less attention.

Empirical part of the research is focusing on the value perceptions of energy efficiency benefits by different property market actors, like real estate owners and energy efficiency service providers. Opinions of the real estate valuers related to market functioning and regularities in this relation are mapped as well. Also the role of energy efficiency and energy performance certificates in the valuation practice is studied.

Focus on the study is on commercial property market but also some notifications related to housing market are done. Research clarifies the elements of green value and decision making criteria for energy efficiency investments. Finally there is an attempt to model how green value in conceptual level have an impact on prices.

As a summary paper clarifies the questions of what the green value is, why it is there and what is the impact mechanism on price. Practical implications of the results are related to value engineering highlighting investment analysis and possibly some contributions to enhanced valuation considerations can be provided as well.