Assessing the Environmental and Economic Impact of Energy Renovation in Buildings: A Case Study in Greece

Margarita Ferrante^*
*Correspondence: Margarita Ferrante, Department of Steel Structures, Embry-Riddle Aeronautical University, 1 Aerospace Boulevard, Daytona Beach, FL 32114, USA, Email:

Introduction

Energy renovation of buildings is a critical strategy for reducing energy consumption, decreasing greenhouse gas emissions, and enhancing energy efficiency in the built environment. In the context of climate change mitigation and sustainable development goals, understanding the environmental and economic implications of energy renovation projects is essential. This paper presents a comprehensive assessment of the environmental and economic impact of energy renovation in buildings, focusing on a case study in Greece. By examining the specific challenges and opportunities in the Greek context, this study aims to provide insights into the effectiveness and feasibility of energy renovation initiatives in Mediterranean climates [1].

Description

Buildings account for a significant portion of global energy consumption and carbon emissions, making them a key target for energy efficiency measures. Energy renovation projects involve upgrading building envelope components, such as insulation, windows, and doors, as well as installing energy-efficient Heating, Ventilation, And Air Conditioning (HVAC) systems. These measures aim to reduce energy demand, improve indoor comfort, and lower operating costs while mitigating the environmental impact of building operations. In the Greek context, buildings face unique challenges related to climate, building stock characteristics, and socio-economic factors [2]. Mediterranean climates are characterized by hot, dry summers and mild winters, posing challenges for energy efficiency and thermal comfort in buildings. Many buildings in Greece were constructed without adequate insulation or energy-efficient systems, leading to high energy consumption and poor thermal performance. The case study in Greece focuses on a residential building undergoing energy renovation to improve its energy performance and reduce environmental impact. The assessment encompasses various aspects, including energy consumption, carbon emissions, indoor comfort, and economic feasibility. Energy modeling software is used to simulate the building's energy performance before and after renovation, allowing for the comparison of energy savings and environmental benefits [3].

Environmental impact assessment considers factors such as reductions in greenhouse gas emissions, energy consumption, and fossil fuel usage resulting from energy renovation measures. Life Cycle Assessment (LCA) methodology is employed to quantify the environmental impact of building materials, construction processes, and energy use over the building's life cycle. By analyzing the cradle-to-grave environmental footprint of energy renovation, stakeholders can identify opportunities for reducing environmental impact and promoting sustainability [4]. Economic impact assessment evaluates the cost-effectiveness of energy renovation measures by considering upfront investment costs, operational savings, and Return On Investment (ROI) over the building's life cycle. Financial indicators, such as Net Present Value (NPV), Internal Rate Of Return (IRR), and payback period, are used to assess the economic viability of energy renovation projects. By quantifying the economic benefits and financial risks associated with energy renovation, decision-makers can make informed investment decisions and prioritize resources effectively. In addition to environmental and economic considerations, the assessment of energy renovation projects in Greece takes into account social and cultural factors, such as building aesthetics, heritage preservation, and occupant behavior. Stakeholder engagement and community outreach are essential for garnering support for energy renovation initiatives and ensuring the successful implementation of sustainable building practices [5].

Conclusion

The assessment of the environmental and economic impact of energy renovation in buildings is critical for advancing sustainable development goals and mitigating climate change. In the case study conducted in Greece, energy renovation measures were found to have significant environmental and economic benefits, including reductions in energy consumption, carbon emissions, and operating costs. Environmental impact assessment revealed that energy renovation led to substantial reductions in greenhouse gas emissions and fossil fuel usage, contributing to climate change mitigation efforts. Life cycle assessment identified opportunities for further reducing the environmental footprint of building materials and construction processes through the use of renewable materials and energy-efficient technologies.

Economic impact assessment demonstrated that energy renovation projects can generate substantial long-term savings and positive returns on investment, despite initial upfront costs. Financial analysis indicated that energy renovation measures are cost-effective and economically viable, particularly when considering the long-term benefits of energy savings and operational efficiency. In conclusion, energy renovation of buildings offers a sustainable solution for reducing energy consumption, lowering carbon emissions, and enhancing building performance. By conducting comprehensive assessments of the environmental and economic impact of energy renovation projects, stakeholders can make informed decisions and prioritize investments in sustainable building practices. Continued research and innovation are essential for advancing energy renovation technologies and policies to address the growing challenges of climate change and urbanization.

Acknowledgement

None.

Conflict of Interest

None.

References

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