How do you assess the social and economic benefits of retrofit and renovation projects?

1 Life cycle assessment

Life cycle assessment (LCA) is a method that quantifies the environmental impacts of a product or a system throughout its life cycle, from raw material extraction to disposal or reuse. LCA can help you compare different retrofit and renovation options and identify the most sustainable ones. LCA can also help you communicate the environmental benefits of your project to stakeholders and clients.

2 Life cycle costing

Life cycle costing (LCC) is a method that calculates the total cost of ownership of a product or a system over its life cycle, including acquisition, operation, maintenance, and disposal costs. LCC can help you assess the economic feasibility and profitability of retrofit and renovation projects, as well as the potential savings and payback periods. LCC can also help you optimize your budget and design decisions.

3 Social return on investment

Social return on investment (SROI) is a method that evaluates the social and environmental value created by a project or an organization, beyond the financial returns. SROI can help you measure the impact of retrofit and renovation projects on the well-being, health, safety, and satisfaction of the building occupants and users, as well as the wider community and society. SROI can also help you demonstrate the social benefits of your project to funders and partners.

4 User feedback and satisfaction

User feedback and satisfaction are important indicators of the quality and performance of retrofit and renovation projects, as they reflect the perceptions and preferences of the building occupants and users. User feedback and satisfaction can be collected through surveys, interviews, focus groups, or observation methods. User feedback and satisfaction can help you identify the strengths and weaknesses of your project, as well as the opportunities for improvement and innovation.

5 Post-occupancy evaluation

Post-occupancy evaluation (POE) is a method that assesses the performance and outcomes of a building or a space after it has been occupied and used for a period of time. POE can help you monitor and verify the actual results of retrofit and renovation projects, such as energy efficiency, indoor environmental quality, functionality, and usability. POE can also help you learn from your project and improve your future practice.

6 Benchmarking and certification

Benchmarking and certification are methods that compare and recognize the performance and quality of retrofit and renovation projects against predefined standards or criteria. Benchmarking and certification can help you set and achieve your sustainability goals, as well as enhance your reputation and credibility. Benchmarking and certification can also help you access incentives and funding opportunities.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?