Non-market values were estimated with energy analysis under four land cover scenarios in the Ebro Delta, Spain. The market value of agriculture, the primary use value, is compared. Conversion of the natural landscape to agricultural fields has resulted in a drop in total annual non-market value from $721 million in the pristine scenario to $11 million in the present scenario. The market value of the agricultural crops has risen over time, from $10 million to almost $52 million, contributing the major portion of the total value of the Delta. However, the rate of return has decreased from the pristine to the present delta, indicating that more energy is required to produce a smaller output. Energy analyses reveal that one form of value – non-market value – is being traded for another – market value.