Finanziamento delle comunità energetiche: attori, strumenti e aspettative dell’ecosistema ESG nel contesto italiano
Finanziamento delle comunità energetiche: attori, strumenti e aspettative dell’ecosistema ESG nel contesto italiano[1]
Funding energy communities in Italy: an overview of tools and expectations of the ESG ecosystem
Maksym Koltunov*, Luca Tricarico**, Adriano Bisello***, Chiara D’Amato****
*DEAMS ‘Bruno de Finetti’, University of Trieste, Via Alfonso Valerio, 4/1, Trieste, 34127, Italy
**CNR-IRCrES, Consiglio Nazionale delle Ricerche, Istituto di Ricerca sulla Crescita Economica Sostenibile, via dei Taurini 19, 00185 Roma
*** EURAC, Institute for Renewable Energy, Eurac Research, Viale Druso 1, 39100 Bolzano, Italy
**** Ricercatrice Indipendente
corresponding authors: maksym.koltunov@phd.units.it; luca.tricarico@cnr.it
Abstract
In recent years, more than 420 energy communities (ECs) have been established in Italy, attracting growing interest from a wide range of actors. This exploratory study draws on 19 semi-structured interviews with stakeholders involved in the financing and development of ECs, complemented by questionnaires and extensive desk research. The descriptive analysis maps the main financial instruments in use and their respective beneficiaries. Thematic analysis highlights three key conditions for attracting private investment: the use of mixed funding schemes, a balanced relationship between energy production and consumption, and the scalability of installations. At the same time, regulations governing social and solidarity-based finance tend to significantly extend investment payback periods. As a result, private actors are mainly motivated by indirect economic and strategic benefits, while public stakeholders primarily pursue social objectives. However, the potential of ECs to address social challenges remains constrained by the design of incentive tariffs and by the still limited engagement of the private sector in tackling energy poverty. The paper concludes with a set of policy-oriented recommendations aimed at strengthening private investment while preserving the social and environmental goals of energy communities, thereby contributing to the long-term resilience of the sector.
Keywords: Energy communities, shared energy, financing, investment, Italy, impact.
DOI: 10.23760/2421-7158.2025.009
How to Cite
Koltunov, M., Tricarico, L., Bisello, A., & D’Amato, C. (2025). Finanziamento delle comunità energetiche: attori, strumenti e aspettative dell’ecosistema ESG nel contesto italiano (CNR-IRCrES Working Paper 9/2025). Istituto di Ricerca sulla Crescita Economica Sostenibile. http://dx.doi.org/10.23760/2421-7158.2025.009
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[1] La presente ricerca non ha ricevuto alcun finanziamento specifico da enti pubblici, commerciali o del settore non profit.