White certificates, or energy efficiency certificates (TEE), attest primary energy savings achieved through an efficiency measure: each certificate is worth one tonne of oil equivalent (TOE) saved. For a company they are revenue on top of the savings on the bill, provided it follows a procedure that begins before the works.
The framework in force in October 2026
The decree of the Minister of Environment and Energy Security of 21 July 2025 (Official Gazette no. 211 of 11 September 2025, in force from the following day) applies to projects submitted since then; those approved under the 2012 and 2017 decrees follow the rules in force when they were submitted.
How the mechanism works
The obligation falls on electricity and natural gas distributors with more than 50,000 final customers, which every year must deliver to GSE a share of certificates proportional to the energy distributed. They can buy them from those who have improved efficiency: this is where the value for companies comes from. Their cost is covered by network tariffs, through a contribution defined by ARERA.
Who can submit a project
The decree distinguishes the project owner (soggetto titolare), which bears the investment, from the proposer (soggetto proponente), which files the application with GSE, on its own behalf or by delegation from the owner. The proposer must hold, for the whole useful life of the project, one of these requirements.
| Proposer's requirement | Reference | In practice |
|---|---|---|
| Certification as an energy service company | UNI CEI 11352 | The company delegates a certified ESCO |
| Appointment of a certified energy management expert | UNI CEI 11339 | The company applies itself |
| Certified energy management system | ISO 50001 | The company applies itself |
The mere appointment of an energy manager does not give access; those obliged to appoint one must, however, document the appointment for the current year.
The rules that decide the outcome
- Application first, works later. The project is eligible if the start of implementation comes after the submission to GSE, and after approval works must start within twelve months. Those who need to move earlier can send, still before the works, a preliminary communication and submit the project within twenty-four months.
- Two methods. Measured savings (PC), with dedicated measurements for at least twelve months before the measure and then after, or standardised (PS), for repetitive measures measured on a sample.
- Minimum size. In the first twelve months of monitoring at least 10 TOE of additional savings are needed for a PC and 5 TOE for a PS.
- No legal obligations. Measures carried out to comply with a regulatory constraint are not admitted, except for the savings that go beyond the constraint.
- Limited cumulation. Certificates cannot be added to other State incentives for the same project. Guarantee funds and interest subsidies remain compatible; with tax credits and tax relief for machinery the certificates are halved.
GSE communicates the outcome within ninety days and can check the project throughout its useful life, up to forfeiture and recovery of the certificates.
What a certificate is worth
Certificates are sold on the market organised by GME or through bilateral contracts. In obligation year 2025 (June 2025 – May 2026) the average market price was €249.16 per certificate and ARERA set at €248.42 the tariff contribution recognised to distributors, with a cap of €250 (resolution 245/2026/R/efr). It is a market price and can change: the decree allows the Minister to revise the obligations to rebalance supply and demand.
For a business: what to look at
- Who should be interested, and when. Companies about to install or replace equipment included in the decree's list (heat production, heat recovery, furnaces, motors with inverters, compressed air, chillers and heat pumps, lighting): the time to move is the budget stage, before signing the order.
- What to prepare. One year of measured consumption on the existing plant, proof that the investment is borne by the company, the delegation if you go through an ESCO. An attached energy audit reduces by 30% the fixed fee due to GSE, but not for those already obliged to carry out the audit.
- How to receive the certificates. You can ask for more certificates in the first half of the useful life (factor 1.5) and fewer in the second (0.5).
- Typical mistakes. Ordering the machines before the application, having no dedicated meters, adding up incentives that cannot be combined, letting the proposer's certification expire.
If you have an investment planned, it is worth discussing it before the order: IPGS ENERGY follows access to incentives within its energy audit and efficiency service. Request a discussion.
Sources
- GSE — Certificati bianchi (accessed 10 October 2026)
- GSE — MASE Decree of 21 July 2025 (Official Gazette no. 211 of 11 September 2025) (accessed 10 October 2026)
- GSE — Certificati bianchi: chi può accedere (accessed 10 October 2026)
- ARERA — Resolution of 9 July 2026, 245/2026/R/efr, tariff contribution for obligation year 2025 (accessed 10 October 2026)
Informational content by IPGS ENERGY. Information is reviewed as of the stated update date and does not replace a contractual, tax or regulatory assessment specific to an individual business.
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