Where to obtain financing to implement the projects indicated in the company energy audit?

In Poland, there are many programs and instruments supporting companies in implementing efficiency investments – from grants and loans to white certificates. The choice of the right source depends on the nature of the investment, the size of the company, and the planned implementation time. We have reviewed the most important financing opportunities that we usually recommend in the company energy audit and which are worth considering before making an investment decision.

Energy efficiency certificates, known as white certificates, are a support mechanism aimed at companies planning to implement a project to improve energy efficiency. These certificates confirm the achieved energy savings and are a tradable commodity that can be sold on the Polish Power Exchange (TGE).

From a financial point of view, white certificates function as a form of partial reimbursement of the costs incurred for the implementation of the investment. However, it is important to remember that this system operates post factum – the investment (after prior application for a white certificate and its granting) must first be implemented and documented, and only then does the certificate gain usable value. Regardless of the way the initial capital is obtained, white certificates can significantly shorten the payback period of the investment.

One of the tools supporting the green transition is the National Recovery and Resilience Plan (KPO), under which Poland will receive nearly 60 billion euros in total – in the form of grants and loans. One of the five pillars of this plan is reducing the energy intensity of the economy.

Under the KPO, support is provided for projects related, among others, to energy modernization of buildings, investments in energy efficiency in industry, and the development of renewable energy sources. The funding may take the form of non-repayable grants or low-interest loans.

The Modernization Fund is another source of funding dedicated to energy-saving investments, including improving energy efficiency and decarbonizing the industrial sector. It is financed from the sale of CO₂ emission allowances under the EU ETS system, with more than 43.41% of the available pool allocated to Poland. The support will cover investments in renewable energy sources, energy storage, power grid modernization, national energy system modernization, and projects improving energy efficiency. Importantly, support is available for both large industrial plants and medium-sized companies planning an energy transition.

The fund supports areas most affected by the consequences of the energy transition. In Poland, support covers, among others, the voivodeships of śląskie, dolnośląskie, wielkopolskie, małopolskie, łódzkie and lubelskie. The fund will support investments in areas such as digital connectivity, clean energy technologies, emission reduction, regeneration of industrial sites, workforce reskilling, and technical assistance.

The ESCO (Energy Saving Company) model enables the implementation of efficiency projects without engaging own capital. The ESCO company is responsible for the entire process – from design, through financing, to project implementation. ESCO’s remuneration depends on the actual energy savings achieved by the client.

This model allows companies to focus on their core operations while benefiting from modern technologies that improve efficiency. On the Polish ESCO market, players include Veolia ESCO, E.ON Energy Solutions, Siemens Financial Services, Tauron NT, and DB Energy. The advantage of the ESCO model is the strong alignment of client and provider interests – the greater the savings, the greater the profit for both parties.

The FENG program is one of the funding sources for enterprises wishing to invest in innovation, digital transformation, and sustainable development. FENG focuses on projects that increase the competitiveness of enterprises, with particular emphasis on investments in modern technologies, automation, digitalization, and pro-environmental activities. The FENG budget amounts to nearly €8 billion, and available instruments include both non-repayable grants and repayable instruments – loans, guarantees, or equity support.

The total budget of the FEnIKS program exceeds €29 billion, a significant portion of which is allocated to projects supporting energy efficiency and the reduction of greenhouse gas emissions. Under FEnIKS, enterprises can obtain funding for a wide range of activities, from technological modernization to the construction of renewable energy installations.

NFOŚiGW is one of the institutions offering support for environmental protection and energy efficiency projects in Poland. The fund implements both national and European programs, acting as an operator for resources from FEnIKS and the Modernization Fund.

For companies interested in implementing post-audit actions, NFOŚiGW offers a wide catalog of programs, including:

• The “Cogeneration for Energy and Industry” program – supporting investments in high-efficiency cogeneration, with a budget of PLN 3.5 billion launched in 2024;
• Programs for energy-intensive industries – financing technological modernization and reducing the energy intensity of production processes.

Carrying out an energy audit is only the beginning of the energy transition in a company. Its results show the savings potential and indicate specific actions to be implemented – from simple modernizations to advanced technological projects. The question is: when and how should they be implemented?

Effective implementation of the actions indicated in the energy audit requires adequate financial resources. Fortunately, in Poland there are many support programs available – both national and EU – that significantly reduce investment costs and accelerate the achievement of energy targets.

The most popular sources of financing energy efficiency and emission reduction investments are:

• White certificates (energy efficiency certificates),
• National Recovery and Resilience Plan (KPO),
• Fundusz Modernizacyjny,
• Fundusz Sprawiedliwej Transformacji,
• FENG program,
• FEnIKS program,
• NFOŚiGW offer,
• ESCO model financing.

The choice of the right tool depends on the specifics of the investment, project scale, company location, as well as its creditworthiness and organizational capacity. Regardless of the chosen form, one thing is certain – after the audit, it is not worth delaying. A well-planned and financed modernization is not only a source of savings but also a competitive advantage.