Private homeowners can save considerable amounts of energy and money, if they retrofit their homes according to up-to-date energy efficiency standards. From an expert point of view, many of these technical measures are profitable in relatively short payback times, if only additional costs are considered. Apparently, many homeowners do not follow this type of rationality and do solely not regard their refurbishment as an investment. Drawing on the results of an empirical survey of retrofit activities among 1,008 homeowners in Germany, it is argued that refurbishments are the outcome of a broader decision which is shaped by an alliance of economic and non-economic motives and goals. Energy-saving measures is expected to lower the burden of operating costs in a perceptible way and secure the value of the house, but they must also correspond to needs like comfort, convenience or belonging in order to be realized.
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