Article: A decision-making approach based on the TOPSIS method for supporting energy efficiency financing in buildings Journal: International Journal of Decision Support Systems (IJDSS) 2025 Vol.5 No.5 pp.1 - 36 Abstract: The European Commission considers energy efficiency (EE) in buildings as one of the key pillars to meet Europe's climate goals. To promote sustainable investments in buildings, decision analysis can be utilised to detect the most attractive and profitable EE solutions. The scope of this paper is the selection and application of the most appropriate multi-criteria approach using important evaluation criteria from investors' viewpoint, to assist financing bodies in assessing potential energy renovation projects. The technique for order of preference by similarity to ideal solution (TOPSIS) method is selected as the most suitable since it can be easily modelled to handle large amounts of alternatives. The proposed methodology is applied to a dataset of 48 EE projects in Greece. Results reveal that specific categories of renovation measures, such as upgrades of heating systems, might be more attractive for investors compared to other actions. Inderscience Publishers - linking academia, business and industry through research

Title: A decision-making approach based on the TOPSIS method for supporting energy efficiency financing in buildings

Authors: Ioanna Andreoulaki; Aikaterini Papapostolou; Charikleia Karakosta; Vangelis Marinakis

Addresses: Decision Support Systems Laboratory, School of Electrical and Computer Engineering, National Technical University of Athens, 9, Iroon Polytechniou str., 15780, Zografou, Athens, Greece ' Decision Support Systems Laboratory, School of Electrical and Computer Engineering, National Technical University of Athens, 9, Iroon Polytechniou str., 15780, Zografou, Athens, Greece ' Decision Support Systems Laboratory, School of Electrical and Computer Engineering, National Technical University of Athens, 9, Iroon Polytechniou str., 15780, Zografou, Athens, Greece ' Decision Support Systems Laboratory, School of Electrical and Computer Engineering, National Technical University of Athens, 9, Iroon Polytechniou str., 15780, Zografou, Athens, Greece

Abstract: The European Commission considers energy efficiency (EE) in buildings as one of the key pillars to meet Europe's climate goals. To promote sustainable investments in buildings, decision analysis can be utilised to detect the most attractive and profitable EE solutions. The scope of this paper is the selection and application of the most appropriate multi-criteria approach using important evaluation criteria from investors' viewpoint, to assist financing bodies in assessing potential energy renovation projects. The technique for order of preference by similarity to ideal solution (TOPSIS) method is selected as the most suitable since it can be easily modelled to handle large amounts of alternatives. The proposed methodology is applied to a dataset of 48 EE projects in Greece. Results reveal that specific categories of renovation measures, such as upgrades of heating systems, might be more attractive for investors compared to other actions.

Keywords: sustainable investments; building renovation; multi-criteria analysis; energy transition; energy efficiency projects; energy retrofitting.

DOI: 10.1504/IJDSS.2025.145842

International Journal of Decision Support Systems, 2025 Vol.5 No.5, pp.1 - 36

Received: 15 Dec 2023
Accepted: 26 Aug 2024
Published online: 29 Apr 2025 *

Title: A decision-making approach based on the TOPSIS method for supporting energy efficiency financing in buildings

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