Data — the price gap between energy labels is widening
According to recent notes from the French Higher Council of Notaries, a dwelling rated A or B sells on average +18% more in Occitania than an equivalent rated D. Conversely, classes F and G suffer a discount sometimes above 10%. These gaps are gradually extending to tertiary operations, under the combined effect of the French Tertiary Decree and institutional-investor requirements.
The EPC (energy performance certificate) discount is no longer a marginal phenomenon: it is becoming a parameter built into the arbitrage models of REITs and property funds. A poorly rated asset becomes hard to arbitrate, hard to refinance and hard to value at exit.
Certification — a selection criterion for investors
Impact funds and SFDR article 8/9 vehicles now condition their investments on the presence of opposable environmental frameworks. For biodiversity, the only ISO/IEC 17065 certification in France is Effinature (issued by IRICE), coupled with building certifications such as NF Habitat HQE or HQE Bâtiment Durable. Certification has become a selection filter.
The difference between a self-declared label and an ISO/IEC 17065 certification is structural for an asset manager: only independent third-party certification provides the opposable evidence required by the CSRD directive (ESRS E4 biodiversity) and by sustainable-finance disclosure regimes.
Knock-on effect on land and mixed operations
Land that can be certified on biodiversity, living soil or green network becomes more attractive to operators. This dynamic changes the hierarchy of opportunities, including on brownfields or peripheral areas usually considered less profitable. Land with demonstrated high ecological value becomes a first-order argument in negotiations with public developers and local authorities.
Three practices now structure the move from promise to evidence:
- Upstream ecological diagnostic (four-season fauna-flora surveys, wetlands, green network) carried out by ARKENOR before land acquisition
- Effinature HOR certification (urban development) or NCO (new construction) issued by IRICE as an independent third party under ISO/IEC 17065
- BPS score (Biodiversity Performance Score) consolidable at portfolio level to feed ESRS E4 and SFDR reporting
FAQ — Green value and land
What is the real discount for an EPC G property in 2025?
The discount documented by notaries ranges from 6 to more than 15% depending on region, property type and local market tension. The ban on letting EPC G properties since 2025 mechanically widens this gap for rental investors.
Why is an ISO/IEC 17065 certification more robust than a self-declared label?
ISO/IEC 17065 requires separation of the certification body from design, a documentary and field audit by named inspectors, and a review by an independent committee. A self-declared label provides none of these guarantees and does not count as opposable evidence under the CSRD.
Is biodiversity certification opposable to an SFDR investor?
Yes — provided it comes from an ISO/IEC 17065 certification body acting as an independent third party. This is precisely what differentiates this standard from a privately governed label. BPS, backed by Effinature, produces an individual attestation that can be consolidated at portfolio level, directly usable for ESRS E4 and EU Taxonomy DNSH.
What impact on a major renovation project?
An EPC jump from D to B can generate a 10 to 18% premium at resale, excluding regulatory effects. Combined with an Effinature EVO (renovation) certification, the gap becomes structural for an SFDR article 8 or 9 investor.
