Wan, Shiyu (2022) Energy performance contracts in imperfect markets: A study on energy efficiency retrofits of commercial buildings in China. PhD thesis, University of Technology Sydney, Australia.
Abstract
Energy performance contracts (EPCs) are a tested and effective mechanism to improve energy efficiency, however, they have not been widely used in the current building energy efficiency market. To establish why the market has not reacted as expected, this research examines the nature and characteristics of the EPC market and proposes an incentive mechanism to encourage the uptake of EPCs in the market of commercial building energy efficiency retrofit in China. The research formalises the economic characteristics of the imperfect EPC market from three perspectives: incomplete information, market power and externalities. It reveals the nature of the EPC market in a theoretical and holistic way. Adapting the theory of transaction costs, these market imperfections are addressed by potential policies. In the long term, policies of energy prices and carbon taxes are theoretically suitable. Strategies of information disclosure, particularly energy performance benchmarking, and reforming the existing financing system are identified as necessary for efficient markets. Subsidies and energy consumption limits are identified as useful in the short term. The research outcome shows the potential to boost the uptake of EPCs and improve the energy efficiency of commercial buildings in China.
| Item Type: | Thesis (Doctoral) |
|---|---|
| Thesis advisor: | Ding, Grace and Runeson, Goran |
| Uncontrolled Keywords: | China; benchmarking; commercial building; energy consumption; energy efficiency; energy performance; financing; market; markets; retrofit |
| Index terms: | markets, energy efficiency, financing, subsidy, China, strategy, benchmarking, energy consumption, transaction cost, energy performance, commercial building |
| Subjects: | sustainability and energy, financial analysis, performance measurement, energy systems, construction type, Geography, economic analysis, management |
| Topics: | Cost Management, Geographical Context, Quality Management, Construction Technology, Sustainability, Business Strategy |
| Descriptive scope: | 3 PCT |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here