{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,31]],"date-time":"2026-03-31T14:25:13Z","timestamp":1774967113016,"version":"3.50.1"},"reference-count":45,"publisher":"Springer Science and Business Media LLC","issue":"5","license":[{"start":{"date-parts":[[2022,7,6]],"date-time":"2022-07-06T00:00:00Z","timestamp":1657065600000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"},{"start":{"date-parts":[[2022,7,6]],"date-time":"2022-07-06T00:00:00Z","timestamp":1657065600000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":["Oper Res Int J"],"published-print":{"date-parts":[[2022,11]]},"abstract":"<jats:title>Abstract<\/jats:title><jats:p>Mainstreaming energy efficiency financing has been considered a key priority during the last decade among several stakeholders. The capability offered by Multicriteria Decision Analysis to integrate cross-domain financial and energy consumption data, combined with statistical analysis techniques and data abundance, contributes to building the necessary market confidence in energy efficiency projects and make them an attractive investment asset class. In this context, the aim of this paper is to propose a solid methodological framework in order to support the financing procedure of energy efficiency investments, and to identify improved grant financing plans, considering a series of factors which are of vital importance for the sustainability of such actions and the limitation of investment risk. A decision support tool, developed in Python, is presented which implements the suggested methodology, improving the decision making for the investor in terms of the percentage of grant financing per project. The developed methodology has been applied on a reliable dataset of energy efficiency projects from several cities in Latvia, where the actual performance of the investments is exploited. The application of the methodology has resulted in a financing plan which achieves about the same energy savings, while bringing 15% reduction of the energy efficiency investments\u2019 cost.<\/jats:p>","DOI":"10.1007\/s12351-022-00727-9","type":"journal-article","created":{"date-parts":[[2022,7,6]],"date-time":"2022-07-06T17:03:10Z","timestamp":1657126990000},"page":"5597-5616","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":31,"title":["A data-driven multicriteria decision making tool for assessing investments in energy efficiency"],"prefix":"10.1007","volume":"22","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-1330-6872","authenticated-orcid":false,"given":"Elissaios","family":"Sarmas","sequence":"first","affiliation":[]},{"given":"Vangelis","family":"Marinakis","sequence":"additional","affiliation":[]},{"given":"Haris","family":"Doukas","sequence":"additional","affiliation":[]}],"member":"297","published-online":{"date-parts":[[2022,7,6]]},"reference":[{"issue":"11","key":"727_CR1","doi-asserted-by":"publisher","first-page":"964","DOI":"10.1080\/15567249.2017.1336812","volume":"12","author":"H Alidrisi","year":"2017","unstructured":"Alidrisi H, Al-Sasi BO (2017) Utilization of energy sources by G20 countries: a TOPSIS-BASED approach. Energy Sources Part B 12(11):964\u2013970","journal-title":"Energy Sources Part B"},{"issue":"12","key":"727_CR2","doi-asserted-by":"publisher","first-page":"4899","DOI":"10.3390\/su12124899","volume":"12","author":"A Arsenopoulos","year":"2020","unstructured":"Arsenopoulos A, Marinakis V, Koasidis K, Stavrakaki A, Psarras J (2020) Assessing resilience to energy poverty in Europe through a multi-criteria analysis framework. Sustainability 12(12):4899","journal-title":"Sustainability"},{"issue":"2","key":"727_CR3","doi-asserted-by":"publisher","first-page":"113","DOI":"10.1080\/20430795.2019.1704160","volume":"10","author":"D Azhgaliyeva","year":"2020","unstructured":"Azhgaliyeva D, Kapoor A, Liu Y (2020) Green bonds for financing renewable energy and energy efficiency in South-East Asia: a review of policies. J Sustain Finance Invest 10(2):113\u2013140","journal-title":"J Sustain Finance Invest"},{"issue":"12","key":"727_CR4","doi-asserted-by":"publisher","first-page":"3745","DOI":"10.1007\/s11269-017-1702-x","volume":"31","author":"ME Banihabib","year":"2017","unstructured":"Banihabib ME, Hashemi-Madani FS, Forghani A (2017) Comparison of compensatory and non-compensatory multi criteria decision making models in water resources strategic management. Water Resour Manag 31(12):3745\u20133759","journal-title":"Water Resour Manag"},{"issue":"1","key":"727_CR5","volume":"10","author":"P Bertoldi","year":"2021","unstructured":"Bertoldi P, Economidou M, Palermo V, Boza-Kiss B, Todeschi V (2021) How to finance energy renovation of residential buildings: review of current and emerging financing instruments in the EU. Wiley Interdiscip Rev: Energy Environ 10(1):e384","journal-title":"Wiley Interdiscip Rev: Energy Environ"},{"issue":"2","key":"727_CR6","doi-asserted-by":"publisher","first-page":"119","DOI":"10.1080\/15567249.2015.1050561","volume":"12","author":"K Boran","year":"2017","unstructured":"Boran K (2017) An evaluation of power plants in Turkey: fuzzy TOPSIS method. Energy Sources Part B 12(2):119\u2013125","journal-title":"Energy Sources Part B"},{"key":"727_CR7","unstructured":"BPIE - Buildings Performance Institute Europe (2017) 97% of buildings in the EU need to be upgraded. http:\/\/bpie.eu\/wp-content\/uploads\/2017\/10\/State-of-the-building-stock-briefing_26Ott_v1.pdf. Accessed 31 May 2021"},{"key":"727_CR8","unstructured":"BPIE - Buildings Performance Institute Europe (2018) The concept of the individual building renovation roadmap. https:\/\/www.bpie.eu\/publication\/the-concept-of-the-individual-building-renovation-roadmap\/. Accessed 31 May 2021"},{"key":"727_CR9","doi-asserted-by":"publisher","first-page":"251","DOI":"10.1016\/j.rser.2014.07.069","volume":"39","author":"B Brand","year":"2014","unstructured":"Brand B, Missaoui R (2014) Multi-criteria analysis of electricity generation mix scenarios in Tunisia. Renew Sustain Energy Rev 39:251\u2013261","journal-title":"Renew Sustain Energy Rev"},{"key":"727_CR10","doi-asserted-by":"publisher","first-page":"149","DOI":"10.1016\/j.energy.2017.01.137","volume":"123","author":"G B\u00fcy\u00fck\u00f6zkan","year":"2017","unstructured":"B\u00fcy\u00fck\u00f6zkan G, G\u00fclery\u00fcz S (2017) Evaluation of renewable energy resources in Turkey using an integrated MCDM approach with linguistic interval fuzzy preference relations. Energy 123:149\u2013163","journal-title":"Energy"},{"issue":"6","key":"727_CR11","doi-asserted-by":"publisher","first-page":"1449","DOI":"10.3390\/en13061449","volume":"13","author":"A Cannavale","year":"2020","unstructured":"Cannavale A, Ayr U, Fiorito F, Martellotta F (2020) Smart electrochromic windows to enhance building energy efficiency and visual comfort. Energies 13(6):1449","journal-title":"Energies"},{"key":"727_CR12","doi-asserted-by":"crossref","unstructured":"Chakraborty S, Yeh CH (2009) A simulation comparison of normalization procedures for TOPSIS. In: 2009 international conference on computers & industrial engineering. IEEE, pp 1815\u20131820","DOI":"10.1109\/ICCIE.2009.5223811"},{"issue":"4","key":"727_CR13","doi-asserted-by":"publisher","first-page":"3734","DOI":"10.1016\/j.asoc.2011.02.003","volume":"11","author":"I Chamodrakas","year":"2011","unstructured":"Chamodrakas I, Martakos D (2011) A utility-based fuzzy TOPSIS method for energy efficient network selection in heterogeneous wireless networks. Appl Soft Comput 11(4):3734\u20133743","journal-title":"Appl Soft Comput"},{"issue":"1","key":"727_CR14","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1016\/S0165-0114(97)00377-1","volume":"114","author":"CT Chen","year":"2000","unstructured":"Chen CT (2000) Extensions of the TOPSIS for group decision-making under fuzzy environment. Fuzzy Sets Syst 114(1):1\u20139","journal-title":"Fuzzy Sets Syst"},{"issue":"7","key":"727_CR15","doi-asserted-by":"publisher","first-page":"614","DOI":"10.3390\/math7070614","volume":"7","author":"P Chen","year":"2019","unstructured":"Chen P (2019) A novel coordinated TOPSIS based on coefficient of variation. Mathematics 7(7):614","journal-title":"Mathematics"},{"issue":"7","key":"727_CR16","doi-asserted-by":"publisher","first-page":"320","DOI":"10.1080\/15567249.2018.1494763","volume":"13","author":"H Doukas","year":"2018","unstructured":"Doukas H (2018) On the appraisal of \u201cTriple-A\u201d energy efficiency investments. Energy Sources Part B 13(7):320\u2013327","journal-title":"Energy Sources Part B"},{"key":"727_CR17","doi-asserted-by":"publisher","first-page":"109","DOI":"10.1080\/15567241003735217","volume":"9","author":"H Doukas","year":"2014","unstructured":"Doukas H, Karakosta D, Flamos A, Psarras J (2014) Foresight for energy policy: techniques and methods employed in Greece. Energy Sources Part B 9:109\u2013119","journal-title":"Energy Sources Part B"},{"key":"727_CR18","doi-asserted-by":"publisher","first-page":"579","DOI":"10.1007\/s10614-021-10098-6","volume":"59","author":"H Doukas","year":"2021","unstructured":"Doukas H, Xidonas P, Mastromichalakis N (2021) How successful are energy efficiency investments? A comparative analysis for classification & performance prediction. Comput Econ 59:579\u2013598","journal-title":"Comput Econ"},{"key":"727_CR19","unstructured":"EEFIG - Energy Efficiency Financial Institutions Groups (2015) Energy efficiency\u2014the first fuel for the EU Economy. How to drive new finance for energy efficiency investments. https:\/\/ec.europa.eu\/energy\/en\/news\/new-report-boosting-finance-energy-efficiency-investments-buildings-industry-and-smes. Accessed 31 May 2021"},{"key":"727_CR20","unstructured":"EC - European Commission (2015) Evaluation of the energy performance of buildings directive 2010\/31\/EU. https:\/\/ec.europa.eu\/smart-regulation\/roadmaps\/docs\/2016_ener_023_evaluation_energy_performance_of_buildings_directive_en.pdf. Accessed 31 May 2021"},{"key":"727_CR21","unstructured":"EC - European Commission (2018) European construction sector observatory. https:\/\/ec.europa.eu\/growth\/sectors\/construction\/observatory_en. Accessed 31 May 2021"},{"key":"727_CR22","unstructured":"EC - European Commission (2020) Closing the gap on energy efficiency investments. https:\/\/ec.europa.eu\/info\/news\/closing-gap-energy-efficiency-investments-2020-dec-22_en"},{"key":"727_CR23","unstructured":"Gonzalez AG, Roberts BI, Fitton R, Swan W, Elkadi HA (2016) Understanding our heritage: monitoring of energy and environmental performance of traditional terraced houses of Northern England. In: International conference on energy efficiency and comfort of historic buildings (EECHB), 19\u201321st October 2016, Brussels"},{"key":"727_CR24","doi-asserted-by":"crossref","unstructured":"Hwang CL, Yoon K (1981) Methods for multiple attribute decision making. In: Multiple attribute decision making. Springer, Berlin, pp 58\u2013191","DOI":"10.1007\/978-3-642-48318-9_3"},{"key":"727_CR25","doi-asserted-by":"publisher","first-page":"55","DOI":"10.1016\/B978-0-12-820592-1.00003-8","volume-title":"Energy services and management, energy services fundamentals and financing","author":"C Karakosta","year":"2021","unstructured":"Karakosta C, Papapostolou A, Vasileiou G, Psarras J (2021) Financial schemes for energy efficiency projects: lessons learnt from in-country demonstrations. In: Borge-Diez D, Rosales-Asensio E (eds) Energy services and management, energy services fundamentals and financing. Academic Press, Cambridge, pp 55\u201378"},{"issue":"7","key":"727_CR26","doi-asserted-by":"publisher","first-page":"1555","DOI":"10.3390\/en13071555","volume":"13","author":"V Marinakis","year":"2020","unstructured":"Marinakis V (2020) Big data for energy management and energy-efficient buildings. Energies 13(7):1555","journal-title":"Energies"},{"issue":"24","key":"727_CR27","doi-asserted-by":"publisher","first-page":"10575","DOI":"10.3390\/su122410575","volume":"12","author":"V Marinakis","year":"2020","unstructured":"Marinakis V, Flamos A, Stamtsis G, Georgizas I, Maniatis Y, Doukas H (2020a) The efforts towards and challenges of Greece\u2019s post-lignite era: the case of megalopolis. Sustainability 12(24):10575","journal-title":"Sustainability"},{"key":"727_CR28","doi-asserted-by":"publisher","first-page":"572","DOI":"10.1016\/j.future.2018.04.062","volume":"110","author":"V Marinakis","year":"2020","unstructured":"Marinakis V, Doukas H, Tsapelas J, Mouzakitis S, Sicilia \u00c1, Madrazo L, Sgouridis S (2020b) From big data to smart energy services: an application for intelligent energy management. Futur Gener Comput Syst 110:572\u2013586","journal-title":"Futur Gener Comput Syst"},{"key":"727_CR29","doi-asserted-by":"publisher","first-page":"620","DOI":"10.1016\/j.energy.2018.05.088","volume":"156","author":"D Meng","year":"2018","unstructured":"Meng D, Shao C, Zhu L (2018) Ethylene cracking furnace TOPSIS energy efficiency evaluation method based on dynamic energy efficiency baselines. Energy 156:620\u2013634","journal-title":"Energy"},{"key":"727_CR30","doi-asserted-by":"publisher","first-page":"81","DOI":"10.1016\/j.envsoft.2015.11.018","volume":"77","author":"A Mourhir","year":"2016","unstructured":"Mourhir A, Rachidi T, Papageorgiou EI, Karim M, Alaoui FS (2016) A cognitive map framework to support integrated environmental assessment. Environ Model Softw 77:81\u201394","journal-title":"Environ Model Softw"},{"issue":"1\u20132","key":"727_CR31","doi-asserted-by":"publisher","first-page":"88","DOI":"10.1177\/0958305X16685474","volume":"28","author":"A Papapostolou","year":"2017","unstructured":"Papapostolou A, Karakosta C, Doukas H (2017) Analysis of policy scenarios for achieving renewable energy sources targets: a fuzzy TOPSIS approach. Energy Environ 28(1\u20132):88\u2013109","journal-title":"Energy Environ"},{"issue":"7","key":"727_CR32","doi-asserted-by":"publisher","first-page":"2886","DOI":"10.3390\/su12072886","volume":"12","author":"A Papapostolou","year":"2020","unstructured":"Papapostolou A, Karakosta C, Apostolidis G, Doukas H (2020b) An AHP-SWOT-Fuzzy TOPSIS approach for achieving a cross-border RES cooperation. Sustainability 12(7):2886","journal-title":"Sustainability"},{"key":"727_CR33","doi-asserted-by":"crossref","unstructured":"Papapostolou A, Mexis FD, Sarmas E, Karakosta C, Psarras J (2020a) Web-based application for screening energy efficiency investments: a MCDA approach. In: 2020a 11th international conference on information, intelligence, systems and applications (IISA). IEEE, pp 1\u20137","DOI":"10.1109\/IISA50023.2020.9284403"},{"key":"727_CR34","doi-asserted-by":"publisher","DOI":"10.1016\/j.jclepro.2020.121082","volume":"260","author":"AD Pham","year":"2020","unstructured":"Pham AD, Ngo NT, Truong TTH, Huynh NT, Truong NS (2020) Predicting energy consumption in multiple buildings using machine learning for improving energy efficiency and sustainability. J Clean Prod 260:121082","journal-title":"J Clean Prod"},{"issue":"1","key":"727_CR35","doi-asserted-by":"publisher","first-page":"239","DOI":"10.1016\/j.asej.2014.08.003","volume":"6","author":"G Sakthivel","year":"2015","unstructured":"Sakthivel G, Ilangkumaran M, Gaikwad A (2015) A hybrid multi-criteria decision modeling approach for the best biodiesel blend selection based on ANP-TOPSIS analysis. Ain Shams Eng J 6(1):239\u2013256","journal-title":"Ain Shams Eng J"},{"key":"727_CR36","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-030-53743-2","volume-title":"Multicriteria Portfolio construction with python","author":"E Sarmas","year":"2020","unstructured":"Sarmas E, Xidonas P, Doukas H (2020) Multicriteria Portfolio construction with python. Springer"},{"key":"727_CR37","doi-asserted-by":"publisher","first-page":"111836","DOI":"10.1016\/j.enbuild.2022.111836","volume":"258","author":"E Sarmas","year":"2022","unstructured":"Sarmas E, Spiliotis E, Marinakis V, Koutselis T, Doukas H (2022) A meta-learning classification model for supporting decisions on energy efficiency investments. Energy Build 258:111836","journal-title":"Energy Build"},{"issue":"4","key":"727_CR38","first-page":"860","volume":"6","author":"AZ Sarraf","year":"2013","unstructured":"Sarraf AZ, Mohaghar A, Bazargani H (2013) Developing TOPSIS method using statistical normalization for selecting knowledge management strategies. J Ind Eng Manag 6(4):860\u2013875","journal-title":"J Ind Eng Manag"},{"issue":"2","key":"727_CR39","doi-asserted-by":"publisher","first-page":"543","DOI":"10.1016\/j.ejor.2015.04.037","volume":"246","author":"E Siskos","year":"2015","unstructured":"Siskos E, Tsotsolas N (2015) Elicitation of criteria importance weights through the Simos method: a robustness concern. Eur J Oper Res 246(2):543\u2013553","journal-title":"Eur J Oper Res"},{"key":"727_CR40","doi-asserted-by":"publisher","DOI":"10.1016\/j.enpol.2020.111413","volume":"140","author":"N-A Spyridaki","year":"2020","unstructured":"Spyridaki N-A, Stavrakas V, Dendramis Y, Flamos A (2020) Understanding technology ownership to reveal adoption trends for energy efficiency measures in the Greek residential sector. Energy Policy 140:111413","journal-title":"Energy Policy"},{"key":"727_CR41","volume-title":"2020 Global status report for buildings and construction: towards a zero-emission, efficient and resilient buildings and construction sector","author":"UNEP - United Nations Environment Programme","year":"2020","unstructured":"UNEP - United Nations Environment Programme (2020) 2020 Global status report for buildings and construction: towards a zero-emission, efficient and resilient buildings and construction sector. UNEP, Nairobi"},{"key":"727_CR42","unstructured":"WBCSD - World Business Council for Sustainable Development (2007) Energy efficiency in buildings facts and trends: business realities and opportunities. Full report. https:\/\/www.wbcsd.org\/Programs\/Cities-and-Mobility\/Resources\/Business-realities-and-opportunities-Full-Report. Accessed 31 May 2021"},{"key":"727_CR43","doi-asserted-by":"publisher","first-page":"3009","DOI":"10.1051\/ro\/2020140","volume":"55","author":"P Xidonas","year":"2021","unstructured":"Xidonas P, Doukas H, Sarmas E (2021) A python-based multicriteria portfolio selection DSS. RAIRO: Recherche Op\u00e9rationnelle 55:3009","journal-title":"RAIRO: Recherche Op\u00e9rationnelle"},{"key":"727_CR44","doi-asserted-by":"publisher","DOI":"10.1016\/j.apenergy.2020.115147","volume":"271","author":"S Yang","year":"2020","unstructured":"Yang S, Wan MP, Chen W, Ng BF, Dubey S (2020) Model predictive control with adaptive machine-learning-based model for building energy efficiency and comfort optimization. Appl Energy 271:115147","journal-title":"Appl Energy"},{"key":"727_CR45","unstructured":"Zancanella P, Bertoldi P, Boza-Kiss B (2018) Energy efficiency, the value of buildings and the payment default risk. EUR 29471 EN, Publications Office of the European Union, Luxembourg"}],"updated-by":[{"DOI":"10.1007\/s12351-023-00766-w","type":"correction","label":"Correction","source":"publisher","updated":{"date-parts":[[2023,3,1]],"date-time":"2023-03-01T00:00:00Z","timestamp":1677628800000}}],"container-title":["Operational Research"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s12351-022-00727-9.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/article\/10.1007\/s12351-022-00727-9\/fulltext.html","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s12351-022-00727-9.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,3,1]],"date-time":"2023-03-01T10:39:35Z","timestamp":1677667175000},"score":1,"resource":{"primary":{"URL":"https:\/\/link.springer.com\/10.1007\/s12351-022-00727-9"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2022,7,6]]},"references-count":45,"journal-issue":{"issue":"5","published-print":{"date-parts":[[2022,11]]}},"alternative-id":["727"],"URL":"https:\/\/doi.org\/10.1007\/s12351-022-00727-9","relation":{"correction":[{"id-type":"doi","id":"10.1007\/s12351-023-00766-w","asserted-by":"object"}]},"ISSN":["1109-2858","1866-1505"],"issn-type":[{"value":"1109-2858","type":"print"},{"value":"1866-1505","type":"electronic"}],"subject":[],"published":{"date-parts":[[2022,7,6]]},"assertion":[{"value":"31 May 2021","order":1,"name":"received","label":"Received","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"11 June 2022","order":2,"name":"revised","label":"Revised","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"14 June 2022","order":3,"name":"accepted","label":"Accepted","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"6 July 2022","order":4,"name":"first_online","label":"First Online","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"1 March 2023","order":5,"name":"change_date","label":"Change Date","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"Correction","order":6,"name":"change_type","label":"Change Type","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"A Correction to this paper has been published:","order":7,"name":"change_details","label":"Change Details","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"https:\/\/doi.org\/10.1007\/s12351-023-00766-w","URL":"https:\/\/doi.org\/10.1007\/s12351-023-00766-w","order":8,"name":"change_details","label":"Change Details","group":{"name":"ArticleHistory","label":"Article History"}}]}}