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Energy and Emissions in the Building Sector: A Comparison of Three Policies and Their Combinations

Abstract:
Standards, subsidies, and carbon taxes are among the measures often considered to reduce energy consumption and carbon dioxide (CO2) emissions in the buildings sector. Using a modeling system developed by the U.S. Energy Information Administration, residential and commercial sector standards and subsidies were each modeled with and without a carbon tax to determine if a multi-policy approach would be redundant. A separate case examining a carbon tax was also completed for comparison. Between the two equipment-based policies, subsidies achieved more energy and CO2 emissions reductions at less cost to consumers, as incremental investment costs were shifted to the government. When either of the equipment-based policies was combined with a carbon tax, their energy-and carbon-reducing effects were more additive than redundant.

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Energy Specializations: Energy Modeling – Energy Data, Modeling, and Policy Analysis; Energy and the Environment – Climate Change and Greenhouse Gases; Energy and the Environment – Air Emissions (other than greenhouse gases); Energy and the Environment – Policy and Regulation

JEL Codes:
E61 - Policy Objectives; Policy Designs and Consistency; Policy Coordination
Q54 - Climate; Natural Disasters and Their Management; Global Warming
Q52 - Pollution Control Adoption and Costs; Distributional Effects; Employment Effects
E60 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General

DOI: 10.5547/ISSN0195-6574-EJ-Vol32-SI1-3


Published in Volume 32, Special Issue of The Quarterly Journal of the IAEE's Energy Economics Education Foundation.