Assessing Investment Risks in Energy Efficiency Projects Using AHP for Group Decision Making

The reduction of the amount of energy consumed in buildings is considered essential for achieving carbon neutrality. As a result, energy-saving measures in the building sector are crucial for addressing the climate crisis. However, the high costs discourage building owners and managers from undertaking energy efficiency projects, despite the financial benefits resulting from the savings. Consequently, it is clear that investments in these projects can play a significant role in increasing energy savings, however, there are several risks that need to be considered. In this context, the aim of this paper is to identify and prioritise the most important risks of energy efficiency investments. 14 risks are identified, categorised and evaluated by experts using the Analytical Hierarchy Process for Group Decision Making. The decision makers represent the different market actors involved in the implementation and financing of energy efficiency projects. The results show that different types of stakeholders involved in the energy efficiency value chain have different perspectives in terms of the importance of each risk factor, however risks related to the credit quality of the end client and the volatility of energy prices are the most significant.