Financing building energy renovation through public, private, and crowdfunding schemes: evidence from Greece, Cyprus, and Croatia
References
- Ahlers, GKC, Cumming, D, Günther, C and Schweizer, D. 2015. ‘Signaling in Equity Crowdfunding’. Entrepreneurship Theory and Practice, 39(4): 955–980. DOI: 10.1111/etap.12157
- Bauwens, T and Devine-Wright, P. 2018. ‘Positive energies? An empirical study of community energy participation and attitudes to renewable energy’. Energy Policy, 118: 612–625. DOI: 10.1016/j.enpol.2018.03.062
- Belleflamme, P, Lambert, T and Schwienbacher, A. 2014. ‘Crowdfunding: Tapping the right crowd’. Journal of Business Venturing, 29(5): 585–609. DOI: 10.1016/j.jbusvent.2013.07.003
- Bergmann, A, Burton, B and Klaes, M. 2021. ‘European perceptions on crowdfunding for renewables: Positivity and pragmatism’. Ecological Economics, 179:
106852 . DOI: 10.1016/j.ecolecon.2020.106852 - Bertoldi, P, Economidou, M, Palermo, V, Boza-Kiss, B and Todeschi, V. 2020. ‘How to finance energy renovation of residential buildings: Review of current and emerging financing instruments in the EU’. WIREs Energy and Environment, 10(1):
e384 . DOI: 10.1002/wene.384 - Block, JH, Colombo, MG, Cumming, DJ and Vismara, S. 2017. ‘New players in entrepreneurial finance and why they are there’. Small Business Economics, 50(2): 239–250. DOI: 10.1007/s11187-016-9826-6
- Bonzanini, D, Giudici, G and Patrucco, A. 2016.
‘The Crowdfunding of Renewable Energy Projects (Chapter 21)’ . In: Ramiah, V and Gregoriou, GN (eds.) Handbook of Environmental and Sustainable Finance. Academic Press, pp. 429–444. DOI: 10.1016/B978-0-12-803615-0.00021-2 - Boza-Kiss, B, Bertoldi, P and Economidou, M. 2017.
‘Energy service companies in the EU – Status review and recommendations for further market development with a focus on energy performance contracting’ . EUR 28716 EN. Publications Office of the European Union, Luxembourg. ISBN 978-92-79-71475-7. DOI: 10.2760/12258 - Cattaneo, C. 2019. ‘Internal and external barriers to energy efficiency: which role for policy interventions?’. Energy Efficiency, 12(5): 1293–1311. DOI: 10.1007/s12053-019-09775-1
- Commission, C. renovation project managed by the E, Directorate-General for energy, European Commission, DG ENER. 2023. ‘Enabling Framework of pilot countries: PORTUGAL – Citizen-led renovation’.
- Di Tommaso, C, Pacelli, V and Povia, MM. 2025. ‘Green loans and bank risk: Navigating the path to sustainable finance’. International Review of Economics & Finance, 101:
104138 . DOI: 10.1016/j.iref.2025.104138 - European Commission. 2020. REGULATION (EU) 2020/1503 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 7 October 2020 on European crowdfunding service providers for business.
- European Commission. 2023. ‘Key facts on energy and EU buildings. Energy’. Energy Performance of Buildings Directive.
- European Commission. n.d. DIRECTIVE (EU) 2024/1275 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 24 April 2024 on the energy performance of buildings (recast).
- Heidenthaler, D, Leeb, M and Löffler, G. 2026. ‘Bridging the renovation data gap: A novel method for estimating renovation activity and rates from energy performance certificates’. Energy and Buildings, 353:
116892 . DOI: 10.1016/j.enbuild.2025.116892 - Iribar, E, Sellens, I, Angulo, L, Hidalgo, JM and Sala, JM. 2021. ‘Nonconformities, Deviation and Improvements in the Quality Control of Energy Performance Certificates in the Basque Country’. Sustainable Cities and Society, 75:
103286 . DOI: 10.1016/j.scs.2021.103286 - Kgoroeadira, R, Burke, A and van Stel, A. 2018. ‘Small business online loan crowdfunding: who gets funded and what determines the rate of interest?’. Small Business Economics, 52(1): 67–87. DOI: 10.1007/s11187-017-9986-z
- López-Mesa, B, Hernández, R, Gómez-Gil, M and Arbulu, M. 2024.
‘Assessing the Effectiveness of Building Renovation Policies and Decarbonization Progress: A Review of European Legislation’ . In: López-Mesa, B and Oregi, X (eds.) Assessing Progress in Decarbonizing Spain’s Building Stock: Indicators and Data Availability (Digital Innovations in Architecture, Engineering and Construction). Cham: Springer, pp. 1–16. DOI: 10.1007/978-3-031-51829-4_1 - Mochkabadi, K and Volkmann, CK. 2018. ‘Equity crowdfunding: a systematic review of the literature’. Small Business Economics, 54(1): 75–118. DOI: 10.1007/s11187-018-0081-x
- Mogensen, D and Thøgersen, J. 2024. ‘Stop procrastinating, start renovating! Exploring the decision-making process for household energy efficiency renovations’. Energy Research & Social Science, 117:
103734 . DOI: 10.1016/j.erss.2024.103734 - Mollick, E. 2014. ‘The dynamics of crowdfunding: An exploratory study’. Journal of Business Venturing, 29(1): 1–16. DOI: 10.1016/j.jbusvent.2013.06.005
- Schleich, J, Gassmann, X, Faure, C and Meissner, T. 2016. ‘Making the implicit explicit: A look inside the implicit discount rate’. Energy Policy, 97: 321–331. DOI: 10.1016/j.enpol.2016.07.044
- Stieß, I and Dunkelberg, E. 2013. ‘Objectives, barriers and occasions for energy efficient refurbishment by private homeowners’. Journal of Cleaner Production, 48: 250–259. DOI: 10.1016/j.jclepro.2012.09.041
- Wilson, C, Pettifor, H and Chryssochoidis, G. 2018. ‘Quantitative modelling of why and how homeowners decide to renovate energy efficiently’. Applied Energy, 212: 1333–1344. DOI: 10.1016/j.apenergy.2017.11.099
DOI: https://doi.org/10.66506/essp.3-102-26 | Journal eISSN: 2001-7960
Language: English
Page range: 37 - 37
Submitted on: Mar 19, 2026
Accepted on: May 12, 2026
Published on: Aug 7, 2026
Published by: European Council for an Energy Efficient Economy (eceee)
In partnership with: Paradigm Publishing Services
Keywords:
© 2026 Petra Pomper, Stavros Spyridakos, Sofia-Natalia Boemi, Ivana Rogulj, Dimitrios Athanasiou, published by European Council for an Energy Efficient Economy (eceee)
This work is licensed under the Creative Commons Attribution 4.0 License.