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In this paper, we compare different mitigation policies when housinginvestments are irreversible. We use a general equilibrium model withnon-homothetic preferences and an elaborate setup of the residential housingand energy production sector. In the first-best transition, the energy demandplays only a secondary role. However, this changes when optimal carbon taxesare not available. While providing subsidies for retrofits results in thelowest direct costs for households, it ultimately leads to the highestaggregate costs and proves to be an ineffective way to decarbonize the economy.In the second-best context, a phased-in carbon price outperforms thesubsidy-based transition.

Reducing residential emissions: carbon pricing vs. subsidizing retrofits