Dedicating new real estate transfer taxes for energy efficiency: A revenue option for scaling up Green Retrofit Programs |
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| Affiliation: | 1. Department of Law, Politics and Society, University of Palermo, Palermo, Italy;2. Department of Agricultural Economics, Purdue University, West Lafayette, IN 47907-2056, United States;3. Department of Economics, University of Miami, Miami, FL 33124, United States;1. Dipartimento di Economia “Marco Biagi”, Università degli Studi di Modena e Reggio Emilia, Viale Berengario 51, 43 ovest, 41121 Modena, Italy;2. Dipartimento di Economia e Management, Università degli Studi di Pisa, Via Cosimo Ridolfi 10, 56124 Pisa, Italy;1. Penrose Cancer Center, Colorado Springs, Colorado, USA;2. Independent Statistician, Colorado Springs, Colorado, USA;1. Department of Preventive Medicine and Public Health, Universidad Complutense de Madrid, Madrid, Spain;2. CIBER Epidemiología y Salud Pública (CIBERESP), Madrid, Spain;3. Instituto de Investigación Sanitaria del Hospital Clínico San Carlos (IdISSC), Madrid, Spain;4. National Epidemiology Center, Instituto de Salud Carlos III, Madrid, Spain;5. National School of Public Health, Instituto de Salud Carlos III, Madrid, Spain;6. Department of Sociology, Universidad Pública de Navarra, Pamplona, Spain;1. Institute of Informatics, Warsaw University, Poland;2. Institute of Mathematics and Computer Science, Ural Federal University, Ekaterinburg, Russia;1. Faculty of Mathematics and Computer Science, Ovidius University of Constanta, 124 Mamaia Blvd., 900527 Constanta, Romania;2. Institute for Mathematical Statistics and Applied Mathematics, Calea 13 Septembrie 13, 050711 Bucharest, Romania |
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| Abstract: | As the labor market in the U.S. remains weak, with high unemployment and sluggish job growth, policymakers at various levels of government are looking for new ways to support job growth and investment during an increasingly tight fiscal climate. Policies that promote the “Green Economy” in general and energy efficiency in particular remain politically popular as potential win–win solutions that will create jobs and curb greenhouse gas emissions. Yet, efforts to promote energy efficiency in the residential sector through rebates and incentives alone have yet to reach critical mass. This paper outlines a policy option for state and local governments to use real estate transfer taxes to generate stronger incentives for home buyers to undertake significant retrofit projects at the time of sale. The economic impact of the proposed energy efficiency transfer tax (EETT) is then modeled for the State of North Carolina, using standard input–output techniques. Ultimately, based on housing sales figures from 2010, a new EETT of 2.5 percent on home purchases would generate a net positive increase of approximately 3485 direct construction jobs and 5900 annually total jobs for the state. |
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| Keywords: | Energy efficiency Real estate transfer tax Net employment impacts |
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