Building Renovation Passports (BRP) are useful tools to increase energy efficiency and lower energy consumption of buildings. The Renocally project implemented 20 BRPs in public buildings across Romania and Bulgaria and pilot-tested two BRPs in Slovakia. Through the collaborative work with municipalities, energy experts, and financial experts, we created financial strategies for 10 municipalities in Romania and Bulgaria. These reports summarise the strategies and provide an action plan for the coming decades on how to decarbonise the building stock.

The financial strategies provide an overview of the financial instruments available in Bulgaria, including how municipalities might leverage local funding options. A range of business models already exist that municipalities can use. The strategies were developed through a range of workshops, meetings, and roundtables with local stakeholders in each of the municipalities. Technical assistance workshops also provided municipalities with the necessary policy information, so they are aware of requirements at the EU, national, and local level.

Municipalities in Bulgaria face challenges when implementing BRPs. For example, the high capital and production costs for energy efficient and renewable technologies compared to conventional energy sources, the unstable policy and regulatory environment with frequent changes, or limited financial resources all create uncertainty and make investments difficult.

Recommendations to overcome challenges and create a stable financial framework around BRPs include creating a long-term phased plan to decarbonise the building stock, therefore spreading financial investments over time; building capacity within municipalities, on the technical, administrative, and financial levels; look for innovative financing options, including private-public partnerships; improve information sharing and assistance for local stakeholders like building owners, NGOs, or energy companies; prepare financial mechanisms to renovate public buildings.

The Renocally project partners hope these strategies can be useful for other municipalities interested in creating a sustainable financial strategy to decarbonise their building stock through building renovation passports.