In this study, we analyze the effect of energy performance certificates on sales prices and rents on the basis of millions of sales and rental listings in Germany in order to understand the causes of the stagnation of the refurbishment rate in the German housing stock. The results show that higher energy efficiency is reflected in higher prices and rents. Sales and rent premiums for energy-efficient buildings are higher when using the so-called Bedarfsausweis (energy demand certificate), which is based on an expert evaluation of the property’s energy status. However, these premiums are noticeably lower when using the so-called Verbrauchsausweis (energy consumption certificate), which relies on the meter readings from the past three years.