The International Energy Agency’s Energy in Buildingsand Communities Programme Annex 61 focuses on developingand demonstrating financial and technical concepts for deepenergy retrofits of public buildings. A first and important step todefine the methodology is to examine the economic aspects ofdeep energy retrofits in each of the participating countries. Estonia,Germany, Canada, Austria, and Denmark have conducteda series of simulations in order to determine the economic conditionsin the renovation of a pre-1980s building. The calculationsare divided into three scenarios, corresponding to: (1) minorrenovation (i.e., the minimum requirements of building codes orsimilar), (2) major renovation (i.e., a 50% reduction in siteenergy use),and(3)advanced level: reducing the site energy useto an advanced level which is to be defined on the national level.Thiscanbethenewbuildingrequirementrenovation(i.e.,reducingthe site energy use to a level corresponding to that of a newbuilding that fulfills the present requirements in national buildingregulations or specific standards like the passive house standard).The analysis shows how deep renovation solutions andeconomic conditions differ from country to country and emphasizesthe individual economic challenges of deep energy renovation.The analysis will be used in developing anddemonstrating new and alternative funding mechanisms fordeep renovation projects. This paper describes results for northernEurope (particularly Estonia and Denmark).