Energiatehokkuusinvestointien kannattavuus kaupallisissa kiinteistöissä

This thesis explores the economic viability for improving the energy efficiency of existing commercial buildings, focusing on the potential benefits of reduced operating expenses and more favorable financing terms available through green loans. Based on previous literature linking energy efficiency to lower property-specific risk, better asset performance, the study applies this information to property-level investment analysis by explicitly modeling these effects in a discounted cash flow (DCF) framework. The study uses 13 real commercial properties with an energy efficiency rating of B or lower. Investment profitability is evaluated using property-specific DCF models, that incorporates energy efficiency upgrades and green loan refinanc-ing. Scenario and sensitivity analyses are applied to assess the robustness of results. Investment cost and savings assumptions are indicative by nature and based on recent E-value reports. The results do not provide a clear-cut answer as to the profitability of energy efficiency improvements; rather, the outcome is entirely property specific. Profitability is particularly affected by the OPEX benefits achieved, the cost structure, the quality of the building, and its size. Green financing was found to positively contribute cash flows and debt service capacity but is rarely decisive on its own, while exit yield effects can materially influence results. The study also highlights the importance of lease structures, particularly in tri-ple-net properties, where the misalignment between investment costs and operational savings limits the owner’s ability to capture the economic benefits of energy efficiency upgrades. This split-incentive issue emerges as a key practical constraint on investment feasibility beyond purely technical or financial factors. This thesis contributes to the real estate sustainability literature by providing a property-level, investment-focused assessment of energy efficiency improve-ments and identifying the conditions under which such investments are most likely to be economically viable.