State Mandates on Renewable Heating Technologies and the Housing Market

Robert Germeshausen; Kathrine von Graevenitz

doi:10.3368/le.99.4.061422-0045R

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Figure 1
Counties on Both Sides of the Baden-Wuerttemberg Border
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Figure 2
Matched Sample: Old and New Houses on Both Sides of the Baden-Wuerttemberg Border
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Figure 3
Capitalization by Municipality Characteristics, 2012

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Table 1

Summary Statistics: Numeric Variables

Variable	Min.	Median	Mean	Max.	N
Price (€)	65,000	269,000	286,092	885,000	28,696
Space (m²)	30	146	155	287	28,696
Year of construction	1901	1985	1983	2016	28,696
No. of rooms	1.00	5.00	5.65	10.00	28,696
Unemployment (%)	0.90	2.90	3.08	7.20	28,696
Income tax revenues (€ per capita)	243	441	440	636	28,696
Real estate tax factor (%)	150	350	352	800	28,696

Note: This shows the summary statistics for the numeric variables in our data set for 2012–2014. We excluded dwellings built before 1901, listed homes, homes with missing information on main characteristics, and homes posted online for more than 12 months. We also dropped houses with renewable heating systems built before 2009, those that are connected to district heating, outlier values on living space and number of rooms, and the lower and upper 0.5% of the price offers.

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Table 2

Summary Statistics: Categorical Variables

Variable	Mean	N	Variable	Mean	N
Semidetached house	0.179	5,141	Building projected (no)	0.829	23,781
One-family house	0.512	14,697	Building projected (yes)	0.171	4,915
Unspecified 1- or 2-family house	0.059	1,679	Border Hesse	0.175	5,023
Row house	0.128	3,670	Border Rhineland-Palatinate	0.32	9,189
Two-family house	0.122	3,509	Border Bavaria	0.505	14,484
Garden (no)	0.366	10,496	Outside Baden-Wuerttemberg	0.442	12,697
Garden (yes)	0.634	18,200	Baden-Wuerttemberg	0.558	15,999
Good equipment	0.409	11,743	Built after 2008	0.25	7,161
High-quality equipment	0.289	8,283	Built before 2009	0.75	21,535
Normal equipment	0.302	8,670	No refurbishment after 2008	0.93	26,688
Good building condition	0.492	14,127	Refurbishment after 2008	0.07	2,008
Normal building condition	0.508	14,569

Note: This shows the summary statistics for the numeric variables in our data set for 2012–2014. We excluded dwellings built prior to 1901, listed homes, homes with missing information on main characteristics, and homes posted online for more than 12 months. We also dropped houses with renewable heating systems built before 2009, those that are connected to district heating, outlier values on living space and number of rooms, and the lower and upper 0.5% of the price offers.

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Table 3

Genetic Matching: Overview by Year of Sale in Baden-Wuerttemberg

	Old BW	New BW	Total BW	Old Non-BW	New Non-BW
2012
All	4,076	1,392	5,468	3,404	1,130
Matched	4,064	1,386	5,450	2,241	704
Unmatched	12	6	18	1,163	426
2013
All	3,914	1,286	5,200	2,977	1,008
Matched	3,910	1,277	5,187	1,899	658
Unmatched	4	9	13	1,078	350
2014
All	3,971	1,360	5,331	3,193	985
Matched	3,962	1,347	5,309	2,248	615
Unmatched	9	13	22	945	370

Note: This shows the number of observations by category (new/old) and location within or outside Baden-Wuerttemberg in the full and matched samples as well as the number of observations not matched.

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Table 4

Results: Difference-in-Differences Nearest Neighbor Matching

	2012	2013	2014
Panel A: Mean Difference	−0.0084	−0.0127	0.0261
t-Statistic	−0.4783	−0.6838	1.4050
95% confidence interval	[−0.043; 0.026]	[−0.049; 0.024]	[−0.010; 0.062]
Panel B Variables
Old	0.0118	0.0446^*	−0.0043
	(0.0205)	(0.0230)	(0.0251)
	[−0.028; 0.052]	[−0.001; 0.090]	[−0.054; 0.045]
Refurbishment (>2008)	0.0012	0.0108	0.0285
	(0.0246)	(0.0276)	(0.0269)
	[−0.047; 0.049]	[−0.043; 0.065]	[−0.024; 0.081]
Observations	5,419	5,151	5,280
Adjusted R-squared	0.22	0.25	0.22

Note: Panel A reports the difference in means across bias-corrected estimates from the first stage and the corresponding t-statistic and 95% confidence intervals for the three different years. Panel B shows the results for the dummy variables “Old” and “Refurbishment (>2008)” while controlling for a set of individual housing characteristics and municipality fixed effects for 2012–2014. Each year is estimated in a separate regression. The standard errors are in parentheses and clustered on municipality level, and the 95% confidence intervals are in square brackets.