This paper studies in a novel way the incidence of the energy rating on residential values in Spain. Real estate sale values in metropolitan Barcelona are analyzed using a hedonic model. The results suggest that moving from a G to an A rating increases the value by 5.11 %, equivalent to an average of 16.07 euros/m2/step (although there is an extra for grade A housing).This surplus is, in relative terms, much lower than in other European cities and, in absolute terms, less than the previously reported extra costs expended on improving the energy rating. In addition, the huge lack of energy rating information in the market seems to respond to a strategy to hide the poor rating of the building stock and aggravate the information asymmetry. All together overshadows the effectiveness of the European Energy Efficiency Directive as has been implemented in our country, and calls for its redesign.