Energy class and the value of a home: no class can replace an analysis of the property and the local market

Value is not written in the address alone

For a long time, when choosing a home, energy performance took a back seat to location, square footage, floor level and the condition of the interiors. The certificate was attached to the sale documents, but it rarely became the starting point for an economic assessment. Today it deserves a different reading: buying a home also means taking on the cost of running and maintaining it, along with any changes needed to make it comfortable. A seemingly affordable home may require substantial work; a more expensive one may offer predictable expenses and better usability. The useful question is not only how much it costs to buy, but how much it costs to own and maintain its value over time.

The energy premium is not a percentage to be applied to every home

The old article reported very large differences between the prices of apartments in the best classes and those in the worst, drawn from a comparison of listings. Those percentages cannot be used as a tariff for energy-driven appreciation: new or recently renovated homes may differ from others also in terms of location, build quality, systems and amenities. A 2023 Bank of Italy study, which takes other property characteristics into account, estimated an average asking price about 25% higher for homes in classes A1–A4 than in class G. This result refers to the sample and period analysed, not to a 2026 price list, nor is it a guarantee that an intervention will produce the same increase in the sale price.

From old forecasts to the approved European framework

The reference to so-called green homes also needs updating. The 2023 article described a proposal with deadlines linked to reaching classes E and D: that is not the wording to be presented as the final European rule for all homes. The framework approved in 2024 provides, for the residential stock, for a reduction in average primary energy consumption of at least 16% by 2030 and 20–22% by 2035, through national pathways. The targets for the overall stock must not be automatically turned into an identical class requirement for every apartment. In assessing a home, therefore, it is necessary to distinguish between the direction of European policy and the national provisions applicable to the individual building.

The condominium can change the outcome of the investment

A decisive part of the assessment concerns what the owner cannot solve by intervening only inside the home. Replacing windows or improving a system may make sense, but overall performance also depends on the building’s characteristics and, where present, on shared systems. In a condominium, what also matters are the possibility of approving works, the condition of the common areas, the resources available and the time needed to reach a decision. Two apartments with the same energy class can have very different prospects: one may be in a building with a redevelopment project already defined, the other in a context where interventions are technically difficult or financially disputed. Before buying, meeting minutes and approved works deserve as much attention as the newly renovated kitchen.

Renovation pays off when the overall balance holds up

The asset-based reasoning must include the purchase price, transaction costs, the cost of the works, unforeseen expenses, timing and the intended use of the home. These factors should be weighed against the expected benefits: lower consumption, comfort, any greater interest from buyers or tenants and better preservation of the asset. Not everything, however, turns immediately into money recoverable at sale, and any incentives available should not obscure the true cost of the work. An inefficient home bought at a price consistent with the works needed may be a sensible choice; an efficient home that is overpaid for may prove to be a weak investment. Energy class is one component of the right price, not a free pass for any price whatsoever.

For landlords, the affordability of the expense also matters

The reading changes further when the property is bought to generate income. The owner may focus on the rent, while the tenant also has to cover utilities and other expenses: a home with high running costs may be less affordable than the rent alone suggests. This does not mean that every energy improvement allows the rent to be raised by the same amount, because local demand still sets a limit. It does mean, rather, that the home should be assessed as a complete housing service and compared with genuinely available alternatives. The aim is not to achieve the best class on paper, but to own a property that can be used, rented or sold on sustainable terms, without endlessly postponing costs that sooner or later someone will have to face.