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White Certificates: guide to Energy Efficiency Certificates

Energy Efficiency Certificates certify business Energy saving and turn it into revenue.

White Certificates, also known as Energy Efficiency Certificates (TEE), are one of the most effective tools for economically enhancing Energy efficiency interventions in Italian businesses. Introduced in 2005 and updated with the MASE Ministerial Decree of 21 July 2025, they make it possible to obtain negotiable certificates for every tonne of oil equivalent (toe) saved.

 

From Energy saving, it is therefore possible to generate a multi-year cash flow that helps reduce the payback time of investments.

What are White Certificates and how do they work?

 

Each Energy Efficiency Certificate corresponds to one toe saved and certified by the GSE, Energy Services Operator. The certificates are issued annually throughout the useful life of the project, which varies between 3 and 10 years depending on the technology adopted.

 

The mechanism is based on the principle of additionality: in order to be certified, savings must be real and not attributable to normal technological replacement, replacements required by law or ordinary maintenance. If the project passes the GSE assessment, the company receives the corresponding TEEs, which can be transferred on the market or enhanced through an authorized entity.

 

Since the mechanism was launched, the system has generated over 58 million certificates, corresponding to around 29 Mtoe of primary Energy saved, confirming White Certificates as one of the Energy efficiency incentive tools with the best cost-effectiveness ratio in Italy.

Who can access White Certificates: large companies and SMEs?

 

The TEE mechanism is aimed at a broad range of entities, with access methods differentiated according to company size and the Energy intensity of the plants.

 

Large companies and energy-intensive industrial sites

For highly Energy-intensive organizations, such as steel, ceramics, paper mills, chemicals and food & beverage, White Certificates represent a structural opportunity. In these contexts, it is possible to integrate TEE projects with:

  • the Energy audit obligations provided for by Legislative Decree 102/2014, coordinated with the EED 2023/1791 directive;
  • ISO 50001 management systems, where present;
  • decarbonization pathways aligned with SBTi and PNIEC targets.

TEE consulting thus becomes a tool for the economic enhancement of initiatives that the company is already planning for other regulatory obligations.

Energy-intensive SMEs and aggregated projects

The reform of the Ministerial Decree of 21 July 2025 has opened up new opportunities for small and medium-sized enterprises: it is now possible to submit multi-entity aggregated projects, with an overall threshold of up to 50 toe/year of additional saving. Supply chains, industrial districts and groups of SMEs with similar interventions can access the mechanism by sharing technical and administrative costs.

 

For the individual SME, the path starts with a pre-feasibility screening, which makes it possible to assess convenience before launching significant investments.

 

The three assessment methods: how to choose the right one

 

The Ministerial Decree of 21 July 2025 provides for three distinct paths for assessing TEE projects. The choice is not discretionary: it depends on the nature of the intervention, the availability of measurement data and the minimum saving levels achievable.

Method Description When it applies

Ex-post (PC)

Actual measurement of consumption before and after the intervention, according to the IPMVP protocol.

Large industrial interventions on specific processes.

Standardized (PS)

Predefined technical sheets with calculation algorithms already validated by the GSE.

Recurring and standardizable types of intervention.

Simplified

Streamlined procedure introduced by the reform for smaller interventions.

Smaller projects, facilitated access to the mechanism.

The ex-post method is the most suitable for complex plants: it requires the construction of an accurate Energy baseline according to the IPMVP protocol and the choice of the most appropriate measurement option, A, B, C or D. A poorly defined baseline can generate disputes during the assessment that delay the issue of certificates by several months.

 

The standardized method reduces timing thanks to predefined technical sheets, but has more limited applicability to types of intervention that have already been catalogued.

 

The simplified method, introduced with the 2025 reform, lowers access barriers for smaller projects, while maintaining the principle of additionality.

Compatibility with other incentives

 

Current legislation establishes that White Certificates cannot be combined with other state incentives intended for the same project and financed through Power and gas tariffs. They remain compatible with other forms of financing and tax relief, always within the limits provided for by European rules on State aid.

 

Since compatibility rules may vary according to the nature of the intervention, verification requires an in-depth analysis. For this reason, Enel experts carry out a precise check of compatibility for each individual project, performing a benefit comparison analysis to identify the most advantageous and secure combination of incentives for your company.

White Certificates and 2026 hyper-depreciation

 

The 2026 Budget Law reintroduced hyper-depreciation for investments in new capital goods, including machinery, industrial plants and technologies for Energy efficiency, with a tax increase of up to +180% of the fiscally recognized cost.

 

A specific rule, Art. 6, paragraph 2-bis of Decree-Law 124/2023, converted into Law 162/2023, introduced an explicit derogation from the principle of non-compatibility, allowing hyper-depreciation to be combined with White Certificates for the Energy savings generated by the same capital good. Compatibility is allowed with a 50% reduction in the TEEs recognized, in compliance with European limits on the prohibition of double funding.

 

In practical terms: a company that purchases industrial machinery can benefit simultaneously from the tax increase on the investment and Energy incentives on the savings generated by the plant. The combination of the two tools significantly reduces the actual cost of the investment and shortens the payback.

The updates introduced by the MASE Ministerial Decree of 21 July 2025

 


The decree updates the regulation of White Certificates and introduces relevant operational changes for those investing in Energy efficiency.

 

Among the main updates, the recognition period for White Certificates is standardized for many replacement and new installation interventions, overcoming a distinction that in the past could make the replacement of existing plants less convenient.

 

The decree also introduces a simplification for some projects: for projects consisting of a single intervention, with stable savings in the first three verification and certification requests and with annual saving not exceeding 250 toe for each request, the proposing entity may request, from the fourth request onwards, simplified recognition of savings. In this case, the annual additional saving recognized is equal to the average of the savings recognized in the first three requests.


The range of incentivizable interventions is significantly expanded. It now includes:

  • solar thermal systems, if they lead to an increase in Energy efficiency;

  • construction and redevelopment of greenhouses;

  • heat recovery interventions, for example in industrial processes;

  • behavioural measures, such as changing the production process to obtain products with a lower Energy impact, the Electrification of consumption, for example replacing gas boilers with electric heat pumps powered by Renewable sources, and the use of resources with a lower Energy impact, such as recycled materials.

In addition, the useful life of some interventions, such as free-cooling systems, electric motors and plants for improving the efficiency of water networks, is extended, allowing incentives to be received for a longer period.

Frequently asked questions

Can White Certificates be transferred or sold?

Yes. TEEs are negotiable certificates: they can be transferred on the market organized by the GME, Energy Markets Operator, or enhanced through bilateral agreements with authorized entities, such as Enel.

How much are TEEs worth?

The price is determined by the market and may vary over time. The value generally fluctuates between €245 and €255.

What happens if operating conditions change during the useful life of the project?

Significant process variations, component replacements or regulatory changes may affect the number of TEEs issued. In these cases, the documentation must be updated with the GSE. Continuous technical oversight throughout the useful life is essential to guarantee continuity in the issue of certificates.

How long does the GSE assessment take?

Timing varies according to the complexity of the project and the method chosen. For ex-post projects, the process may take several months, also due to possible requests for additional documentation. Accurate technical documentation from the outset significantly reduces approval times.

Is there a minimum saving threshold to access the mechanism?

Yes, each assessment method provides for minimum levels of additional saving. For multi-entity aggregated projects, the overall threshold is set at 50 toe/year. Verification is carried out during the pre-feasibility phase, before starting any formal procedure.

What is the difference between White Certificates and Conto Termico?

They are both Energy efficiency incentive tools managed by the GSE, but they work according to completely different logics and are aimed at partially different targets.

 

White Certificates are negotiable certificates: the value of the incentive is not fixed, but determined by the market. The incentive is distributed throughout the useful life of the project, from 3 to 10 years.

 

Conto Termico, on the other hand, provides a direct capital contribution, calculated as a percentage of the investment cost and paid in instalments over 2 or 5 years. It is a simpler tool to access, is also aimed at small businesses, private individuals and public administrations, and is mainly designed for thermal interventions, heating systems, cooling, production of domestic hot water and Renewable thermal sources such as heat pumps and solar thermal systems.

Who pays for White Certificates?

White Certificates are financed by Energy distributors, such as E-Distribuzione, subject to Energy saving obligations. These entities purchase the TEEs generated by Energy efficiency projects, while the overall cost of the mechanism is ultimately borne by the national Energy system through tariffs.

Are White Certificates taxable?

Yes, revenues deriving from White Certificates, TEEs, are generally taxable.

For a company, TEEs normally represent a positive income component and contribute to the formation of taxable income for:

  • IRES, or IRPEF for sole proprietorships and partnerships;
  • IRAP, unless specific accounting rules apply to the entity.

 

 

VAT treatment

 

In addition to income taxes, taxation of White Certificates also provides for specific rules regarding VAT. In this case, the issue is more complex and differs in two phases:

  • the allocation of TEEs by the GSE is not a supply of goods or a provision of services subject to VAT;
  • the subsequent sale of TEEs on the market or through a bilateral contract is generally subject to the VAT rules applicable to negotiable certificates, with application of the mechanism provided for by current tax legislation, currently reverse charge
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