I estimate climate discount rates by calibrating the present value of expected energy savings from greener dwellings to the corresponding price premium. I link seven million residential real estate transactions in the United Kingdom to the sustainability ratings of the underlying dwellings and demonstrate that homeowners price dwelling sustainability following economic principles. Homeowners apply lower rates to discount marginal energy savings from subsequently greener dwellings. Differences in capital constraints, heterogeneity in climate beliefs, regulatory uncertainty associated with lower-rated dwellings, and uncertainty of marginal savings from lower-rated dwellings do not explain the declining cross-sectional structure of the discount rates with increasing dwelling sustainability. Thus, homeowners derive non-pecuniary benefits from holding greener dwellings, and these benefits become more salient with increasing dwelling sustainability. This interpretation is supported by the increase in unprofitable investments to have ratings improved for dwellings not impacted by the regulation imposing a minimum energy efficiency standard.