Finanziamento delle comunità energetiche: attori, strumenti e aspettative dell’ecosistema ESG nel contesto italiano

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.