Energy performance certificates (EPCs) were introduced to give property buyers better information about the energy efficiency of dwellings and provide incentives to make energy-efficient investments. Previous studies on the effect of EPCs on property value have yielded divergent results, with some studies finding that energy labels affect property values, but others finding that energy labels have little or no effect. The present paper takes the analysis one step further. Using data on energy prices in combination with transaction data from Oslo, we conclude that not only the energy label, but also the energy performance of dwellings in general, has little to no effect on transaction prices. This result is in line with the inferences of several survey studies, which indicate that when people buy a dwelling, they pay considerably less attention to its energy performance compared with other factors, such as the location, neighborhood, size, garden, and the number of bedrooms.