Unlocking Sustainable Financing Practices for Energy Efficiency Projects: A Multi-Country Analysis
Abstract
:1. Introduction
2. Analytical Approach
3. Results
3.1. Bulgaria
3.1.1. Overview
- Stimulating low-carbon development of the economy;
- Development of a competitive and secure energy sector;
- Increasing energy efficiency and reducing carbon emissions, including by exploiting the full potential of natural gas as an energy source and transitional fuel;
- Reducing dependence on fuel and energy imports;
- Ensuring energy is affordable for all consumers.
- Structural Funds 2021–2027
- The Invest EU Programme;
- The Modernisation Fund;
- The Energy Efficiency and Renewable Sources Fund;
- National Programme for Energy Efficiency in Multi-Apartment Buildings;
- National Trust EcoFund—Climate Investment Programme;
- Renewable Energy, Energy Efficiency, Energy Security Programme, financed by the Financial Mechanism of the European Economic Area 2014–2021;
- National Recovery and Resilience Plan of the Republic of Bulgaria;
3.1.2. Energy Efficiency and Renewable Sources Fund
3.1.3. Market Analysis of Financial Models for Energy Efficiency in Bulgaria
- Fund FLAG: Supporting Bulgarian municipalities and public companies for extending and developing of local infrastructure, providing public services, and creating sustainable local authorities.
- National Trust EcoFund: Developing and implementing programmes to support local authorities in mitigating climate change.
3.2. Croatia
3.2.1. Overview
3.2.2. PhotoVoltaic for Croatia
3.2.3. Market Analysis of Financial Models for Energy Efficiency in Croatia
- NRRP 2021–2026: Secured financial resources for building renovation—including those damaged by the earthquake—energy efficiency, green transition, and ensuring competitiveness of the SME and tertiary sector.
- National Energy and Climate Plan (NECP) 2021–2030: Croatia’s energy and climate plan updated with the REPowerEU chapter, renovation targets of 3% by 2030, enhanced energy efficiency and energy management across various sectors.
- Energy renovation is focused on multi-apartment, public, and cultural heritage buildings, including measures to prevent energy poverty.
3.3. Greece
3.3.1. Overview
3.3.2. Saving-Exoikonomo 2021
3.3.3. Market Analysis of Financial Models for Energy Efficiency in Greece
- National Recovery and Resilience Plan (Greece 2.0): Focuses on green and digital transitions, investing heavily in energy renovations of public building and renewable energy installations.
- NECP: “Save at Business” action provides financial incentives for enterprises to invest in energy-saving technologies and renewable energy solutions, focusing on small- and medium-sized enterprises (SMEs).
- REPowerEU Plan: Accelerates energy independence by supporting renewable energy development and reducing reliance on imported fossil fuels.
3.4. Romania
3.4.1. Overview
3.4.2. Green Homes and Green Mortgage
3.4.3. Market Analysis of Financial Models for Energy Efficiency in Romania
- National Recovery and Resilience Plan (NRRP): Allocated 28.5 billion euros for energy and digital projects that aim to reduce energy consumption and carbon emissions while enhancing energy efficiency in public buildings.
- Green Investment Initiatives: Specific funds are directed towards green investment opportunities, including renewable energy projects and the modernization of industrial energy systems.
- Energy Poverty Reduction: Programmes target reducing energy costs for low-income households through energy-saving measures and improved building insulation.
3.5. Slovenia
3.5.1. Overview
3.5.2. Financing Deep Renovations via Energy Performance Contracting
3.5.3. Market Analysis of Financial Models for Energy Efficiency in Slovenia
- Recovery and Resilience Facility (RRF): Funds are allocated for large-scale renovation of public and central government buildings, focusing on improving energy efficiency and reducing CO2 emissions.
- Green Transition Strategy: Aligns Slovenia’s efforts with the European Green Deal by enhancing the sustainability of its building stock through renewable energy integration and energy-saving measures.
- Cohesion Policy Programme: Utilises EU cohesion funds to support the country’s energy transition, particularly in rural and less-developed regions.
4. Cross-Country Comparative Analysis
- Bulgaria and Romania emphasize overcoming structural barriers (e.g., carbon-intensive industries, aging housing stock) through centralized funds (EERSF, GHGM).
- Croatia and Slovenia leverage post-disaster recovery (e.g., earthquake rebuilding) and mature EnPC markets to accelerate renovations.
- Greece uniquely integrates energy poverty alleviation into its “Saving-Exoikonomo” program, reflecting socio-economic priorities distinct from its peers.
- Public-Private Mix: Slovenia and Croatia combine EU grants with private financing (e.g., EnPCs, PVMax), whereas Bulgaria and Romania rely heavily on EU structural funds due to underdeveloped green banking products.
- Private Sector Engagement: Greece and Romania show higher private-sector participation (e.g., green mortgages, SME-focused programs), while Bulgaria’s EERSF remains predominantly public.
- Scalability: Slovenia’s standardized EnPC model and Romania’s GHGM program demonstrate high replication potential, whereas Bulgaria’s EERSF requires contextual adaptation due to its niche governance structure.
- Residential Sector: Romania’s GHGM (15,000 certified units) and Greece’s “Saving-Exoikonomo” (87,578 households) outperform others in scale, reflecting targeted subsidies for vulnerable groups.
- Public Sector: Slovenia’s deep renovations (696,000 m2) and Croatia’s PVMax (182.3 MWp solar capacity) highlight the impact of blended finance and technical support.
- Carbon Intensity: Bulgaria remains an outlier, with GHG emissions four times higher than the EU average, underscoring the urgency of its NECP reforms.
- Regulatory Fragmentation: Complex consent requirements for multi-apartment renovations (Slovenia) and unquantified funding gaps (Bulgaria) hinder progress.
- Financial Accessibility: SMEs in Greece and Croatia struggle with limited access to green loans, contrasting with Romania’s growing green mortgage market.
- Data Transparency: Inconsistent metrics (e.g., Croatia’s partial energy savings estimates) complicate cross-country benchmarking.
- EU Funding Dependency: All countries rely on EU cohesion funds, raising sustainability concerns post-2027. Diversifying revenue (e.g., green bonds, carbon pricing) is critical.
- Model Adaptability: Slovenia’s EnPC framework and Romania’s GHGM offer templates for decentralizing energy transitions, but require localization to address disparities in governance capacity and market maturity.
- Regulatory Compatibility: Assesses alignment with existing national/EU regulations (e.g., NECPs, Energy Efficiency Directives) and ease of integration into legal frameworks.
- Private-Sector Engagement: Examines the level of private-sector involvement, as higher engagement can drive replication and scaling.
- Technical Feasibility: Evaluates technical complexity, availability of expertise, and technological readiness for implementation.
- EU Funding Independence: Assesses reliance on EU grants/structural funds versus domestic or private funding.
- Scalability: Considers how easily the model could be replicated in other contexts, including replication potential in terms of financing mechanisms or market maturity.
5. Discussion
- All the countries under-examination have financial instruments and programs to support energy efficiency and RES in buildings (private and public) and SMEs. However, these efforts remain episodic and dependent on the availability of public funds, limiting their sustainability and scalability.
- The ELENA programme has proven to be particularly effective, often combined with other programs (such as ELECTRA in Greece) and sustainable approaches (Design and Build and Finance in Croatia).
- While Environmental, Social, and Governance (ESG) requirements are slowly gaining traction among commercial banks, there has been limited activity on their part, with the notable exception of the Green Mortgage in Romania.
- There are various successful practices in the five countries based on different sustainable instruments and mechanisms, such as credit lines, dedicated funds, EnPCs, green mortgages, and technical assistance. However, mechanisms such as tax or bill financing and green bonds remain underdeveloped.
6. Conclusions
Author Contributions
Funding
Data Availability Statement
Acknowledgments
Conflicts of Interest
References
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Bulgaria | ||
Best Practice | Beneficiary | Type of Funding |
Energy Efficiency and Renewable Sources Fund (EERSF) | Public sector Private sector Commercial sector | Loans Guarantees Technical assistance |
Croatia | ||
Best practice | Beneficiary | Type of funding |
ELENA Project: Maximal PhotoVoltaic for Croatia (PVMax) | Public sector Private sector Commercial sector | Grants EnPC |
ELENA project: Sustainable Energy HBOR (SE HBOR) | Commercial sector | Grants Technical assistance |
Greece | ||
Best practice | Beneficiary | Type of funding |
SAVING-EXOIKONOMO 2021 | Residential buildings | Loans Grants |
PRODIGEE (Project development of integrated energy efficiency renovations) | Public sector | Grants EnPC PPP Technical assistance |
Romania | ||
Best practice | Beneficiary | Type of funding |
Green Mortgage | Residential buildings | Loans Technical assistance |
Slovenia | ||
Best practice | Beneficiary | Type of funding |
Financing deep renovation via EnPC and grants | Public sector | Grants EnPC |
Country | Key Project | Total Investment (EUR) | Households/ Buildings Covered | GHG Reduction (Est. CO2/year) |
---|---|---|---|---|
Bulgaria | EERSF | €50 million | 215 projects | ~45 (est. from energy savings) |
Croatia | PVMax Solar | €24 MWp (€20 M est.) | 676 locations | ~60 (est. solar offset) |
Greece | Saving-Exoikonomo 2021 | €1.2 billion | 87,578 households | ~150 (est. insulation impact) |
Romania | Green Homes & Mortgages | €2 billion (projects) | 15,000 certified units | ~100 (est. efficiency gains) |
Slovenia | EnPC Public Renovations | €160 million | 696,000 m2 renovated | ~95 (est. retrofits) |
Criterion | Bulgaria | Croatia | Greece | Romania | Slovenia |
---|---|---|---|---|---|
Regulatory Compatibility | 3 | 4 | 5 | 4 | 5 |
Private Sector Engagement | 3 | 4 | 4 | 4 | 4 |
Technical Feasibility | 4 | 4 | 4 | 4 | 5 |
EU Funding Independence | 2 | 3 | 3 | 2 | 3 |
Scalability | 3 | 4 | 5 | 4 | 4 |
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Karakosta, C.; Corovessi, A.; Vryzidis, I. Unlocking Sustainable Financing Practices for Energy Efficiency Projects: A Multi-Country Analysis. Energies 2025, 18, 1107. https://doi.org/10.3390/en18051107
Karakosta C, Corovessi A, Vryzidis I. Unlocking Sustainable Financing Practices for Energy Efficiency Projects: A Multi-Country Analysis. Energies. 2025; 18(5):1107. https://doi.org/10.3390/en18051107
Chicago/Turabian StyleKarakosta, Charikleia, Alice Corovessi, and Isaak Vryzidis. 2025. "Unlocking Sustainable Financing Practices for Energy Efficiency Projects: A Multi-Country Analysis" Energies 18, no. 5: 1107. https://doi.org/10.3390/en18051107
APA StyleKarakosta, C., Corovessi, A., & Vryzidis, I. (2025). Unlocking Sustainable Financing Practices for Energy Efficiency Projects: A Multi-Country Analysis. Energies, 18(5), 1107. https://doi.org/10.3390/en18051107