This post is based on information published by the Leverage Accelerator on 24 March 2026 here. EUROCROWD is part of the Leverage Accelerator.
The Case of Certificados de Ahorro Energético
Energy Savings Certificates, known in Spain as Certificados de Ahorro Energético (CAEs), are a practical way to turn verified energy savings into economic value. A CAE is an official electronic certificate that proves an energy efficiency action has delivered new savings in final energy. The unit is simple: one CAE equals one kilowatt hour of annual savings.
The system creates a regulated market where energy suppliers with annual savings obligations can meet those obligations by acquiring CAEs, rather than relying solely on contributions to the National Energy Efficiency Fund. In short, the CAE system makes energy savings measurable, verifiable, and tradable ,helping accelerate energy efficiency investment across the economy.
From a Eurocrowd perspective, this is particularly relevant: standardisation, verification, and tradability are exactly the features that make projects more suitable for alternative finance, including crowdfunding under ECSPR.
Why CAEs Matter for Public Sector Renovations
For municipalities and public institutions, CAEs are more than an administrative tool, they represent a new revenue stream linked directly to the impact of renovation.
When a public building upgrades lighting, improves insulation, or modernises heating and cooling systems, the resulting verified savings can be converted into CAEs and transferred to an obligated or delegated party in exchange for financial compensation. This improves project economics and allows public budgets to go further.
Importantly, this additional revenue layer can strengthen the investment case for projects seeking financing via ECSPR-regulated crowdfunding platforms. By improving predictability of cash flows, CAEs can help make energy renovation projects more attractive to retail and institutional investors alike.
How CAEs Help Finance Energy Efficiency
The financing logic is straightforward:
- An efficiency measure is implemented
- Savings are calculated and verified by an accredited verifier
- CAEs are issued through the administrative process
- Certificates are traded and settled by obligated parties
Because the process includes verification and public validation, CAEs bring credibility to the claimed savings, which is precisely why they can be monetised.
This verification-based approach aligns closely with investor expectations under ECSPR, where transparency, due diligence, and reliable data are key. CAEs can therefore act as a bridge between technical performance and financial structuring, supporting the development of investment-ready projects.
Steps for Public Entities
Public bodies typically work with an obligated or delegated party and formalise the transfer of savings through a CAE agreement. The process includes:
- Execution of the measure
- Independent verification
- Submission and validation
- CAE issuance
- Trading and settlement
In practice, delays often arise due to incomplete documentation or unclear allocation of roles and ownership.
This is where structured financing approaches—such as those promoted by Eurocrowd—become essential. When projects are prepared for crowdfunding under ECSPR, documentation, governance, and investor disclosures must already meet high standards. Aligning CAE processes with these requirements from the outset can significantly reduce friction and delays.
Incompatibilities to Watch
CAEs sit at the intersection of public funding rules and market-based mechanisms. They are generally compatible with public aid programmes, except when support is financed through the National Energy Efficiency Fund. This raises a critical question: not whether a grant exists, but where the funding originates, and whether double counting of savings occurs.
Ownership is equally important. A CAE agreement formalises the transfer of energy savings from the owner to another party in exchange for compensation. This must be clearly defined, particularly in projects involving ESCOs or third-party delivery models.
From an ECSPR perspective, clarity on ownership and revenue rights is also fundamental for investor protection. Projects seeking crowdfunding must demonstrate clearly who controls the asset, who benefits from the revenue streams (including CAEs), and how risks are allocated.
Why This Matters Now
Within the LEVERAGE Accelerator, the goal is not only to support public authorities in designing strong renovation projects, but also to make them financeable by connecting them with private capital.
CAEs play a crucial role in this context. They translate verified energy savings into an additional value stream, strengthening the business case and reducing funding gaps.
What is often missing in standalone CAE discussions is integration. This is where Eurocrowd’s expertise, and the opportunities offered by ECSPR, become particularly relevant.
By combining:
- CAE-generated revenue streams
- Crowdfunding under ECSPR
- Blended finance approaches
municipalities can diversify their funding sources and reduce reliance on traditional public budgets.
The Eurocrowd Perspective: From Technical Savings to Investable Assets
The key added value lies in positioning CAEs early in the project design and integrating them into a broader financing strategy.
Through its work, Eurocrowd supports:
- Structuring projects to be “investment ready”
- Aligning technical, legal, and financial components
- Connecting projects with crowdfunding platforms operating under ECSPR
By doing so, CAEs are no longer treated as an afterthought, but as a core component of the financial model, enhancing bankability and investor appeal.
At the same time, early consideration of compatibility rules, ownership structures, and documentation requirements helps avoid value loss due to administrative or contractual issues later on.
The combination of verified impact mechanisms like CAEs and regulated crowdfunding under ECSPR represents a powerful opportunity for scaling energy efficiency investments across Europe.
For public authorities, this means:
- Turning energy savings into investable cash flows
- Accessing new pools of private capital
- Delivering climate impact with stronger financial resilience
For the crowdfunding ecosystem, it opens the door to a new class of sustainable, data-backed investment opportunities, fully aligned with Europe’s green and digital transition.
