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Title: Development of a prediction model for the cost saving potentials in implementing the building energy efficiency rating certification
Authors: Jeong, J
Hong, T
Ji, C
Kim, J
Lee, M
Jeong, K
Koo, C 
Keywords: Building energy efficiency rating
Cost saving potentials
Energy benchmark
Energy performance certificates
Life cycle cost analysis
Real option valuation
Issue Date: 2017
Publisher: Pergamon Press
Source: Applied energy, 2017, v. 189, p. 257-270 How to cite?
Journal: Applied energy 
Abstract: Building energy efficiency rating (BEER) certification is an energy performance certificates (EPCs) in South Korea. It is critical to examine the cost saving potentials of the BEER-certification in advance. This study aimed to develop a prediction model for the cost saving potentials in implementing the BEER-certification, in which the cost saving potentials included the energy cost savings of the BEER-certification and the relevant CO2 emissions reduction as well as the additional construction cost for the BEER-certification. The prediction model was developed by using data mining, life cycle cost analysis, real option valuation, and Monte Carlo simulation. The database were established with 437 multi-family housing complexes (MFHCs), including 116 BEER-certified MFHCs and 321 non-certified MFHCs. The case study was conducted to validate the developed prediction model using 321 non-certified MFHCs, which considered 20-year life cycle. As a result, compared to the additional construction cost, the average cost saving potentials of the 1st-BEER-certified MFHCs in Groups 1, 2, and 3 were predicted to be 3.77%, 2.78%, and 2.87%, respectively. The cost saving potentials can be used as a guideline for the additional construction cost of the BEER-certification in the early design phase.
ISSN: 0306-2619
EISSN: 1872-9118
DOI: 10.1016/j.apenergy.2016.12.024
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