Evaluation of cost-optimal retrofit investment in buildings: the case of Bragança fire station, Portugal
Abstract
Office buildings built before the entry into force of the first thermal regulation in 1991 constitute a relevant group for analysing the energy performance of the Portuguese building sector. A dynamic energy simulation was used to assess the energy performance of an existing office building located in the town of Bragança, Portugal. Four energy efficiency measures were selected and a financial evaluation through the internal rate of return (IRR) method was undertaken to choose the best retrofit option for improving the building’s energy performance. An investment package consisting of the roof insulation and a new equipment for the domestic hot water system presented an IRR higher than the discount rate used in the analysis, and, thus, a positive financial return. The results of the study also suggest that the EU’s comparative methodology framework is not particularly suitable for assessing building retrofit investment at the private investor’s perspective and further refinement in the cost-effective approach to renovations is needed to help stimulate building’s energy renovation market. Suggestions for further studies conducted for office buildings in the different climate zones in Portugal are also proposed.
Keyword : building retrofitting, cost-optimality, dynamic energy simulation, economic assessment, energy performance, service building
How to Cite
Cova, S., Andrade, C., Soares, O., & Lopes, J. (2021). Evaluation of cost-optimal retrofit investment in buildings: the case of Bragança fire station, Portugal. International Journal of Strategic Property Management, 25(5), 369–381. https://doi.org/10.3846/ijspm.2021.15082
This work is licensed under a Creative Commons Attribution 4.0 International License.
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Ferreira, M., Almeida, M., Rodrigues, A., & Silva, S. M. (2016). Comparing cost-optimal and net-zero energy targets in building retrofit. Building Research & Information, 44(2), 188–201. https://doi.org/10.1080/09613218.2014.975412
Fragoso, R., & Baptista, N. (2016). EPBD implementation in Portugal: status in December 2016. Concerted Action, Energy Performance of Buildings, ADENE.
Government Gazette. (1990). Decree/Law 40/90 of 6 February 1990. https://dre.pt/application/conteudo/334611
Government Gazette. (2006a). Decree/Law 78/2006 of 4 April 2006. https://dre.pt/application/conteudo/672458
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Government of Portugal. (2020a). National Energy and Climate Plan 2030 (PNEC 2030): Resolution of Council of Ministers nº53/2020 published in Government Gazette, 10 July 2020. Lisbon, Portugal
Government of Portugal. (2020b). Estratégia de Longo Prazo para a Renovação de Edifícios (Public discussion document). Government Publications (in Portuguese).
Hermelink, A. H., & de Jager, D. (2015). Evaluating our future – the crucial role of discount rates in European Commission energy system modelling. The European Council for an Energy Efficient Economy & Ecofys. https://www.eceee.org/static/media/uploads/site-2/policy-areas/discount-rates/evaluating-our-future-report.pdf
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https://doi.org/10.1016/j.enbuild.2012.10.022
Kamari, A., Jensen, S. R., Corrao, R., & Kirkegaard, P. H. (2019). A holistic multi-methodology for sustainable renovation. International Journal of Strategic Property Management, 23(1), 50–64. https://doi.org/10.3846/ijspm.2019.6375
Lopes, A., & Cova, S. (2018). Simulação dinâmica de um edíficio de comércio e serviços. Polytechnic Institute of Bragança (in Portuguese).
Pinto, A. (2014, December). Estudo de cálculo dos níveis ótimos de rentabilidade dos requisitos mínimos de desempenho energético dos edifícios e componentes de edifícios (Report No. 473/2014). DED/NAICI, DGEG, Lisbon, Portugal (in Portuguese).
Pordata. (2020, May 15). Interest rates on new loan operations (annual average) to individuals: total and by purpose type. https://www.pordata.pt/en/Portugal/Interest+rates+on+new+type-2845
Portuguese Energy Agency. (2018, July). Energy efficiency trends and policies in Portugal. https://www.odyssee-mure.eu/publications/national-reports/energy-efficiency-portugal.pdf
Ramesh, T., Prakash, R., & Shukla, K. K. (2010). Life cycle energy analysis of buildings: an overview. Energy and Buildings, 42, 1592–1600. https://doi.org/10.1016/j.enbuild.2010.05.007
Rodrigues, F., Parada, M., Vicente, R., Oliveira, R., & Rodrigues, A. (2015). High energy efficiency retrofits in Portugal. Energy Procedia, 83, 187–196. https://doi.org/10.1016/j.egypro.2015.12.209
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