Risks in Measurement and Verification (M&V) in Energy Performance Contracting (EPC) Projects: A Systematic Review

Abstract

Energy Performance Contracting (EPC) represents a promising approach to improving Energy Efficiency (EE) as well as reducing greenhouse gas emissions in various sectors. In the realm of EPC projects, accurate Measurement and Verification (M&V) with regard to energy savings is vital for these initiatives to be successful. Nevertheless, the risks related to M&V in EPC projects were not thoroughly studied. Moreover, the effectiveness with regard to EPC projects depends crucially on the accurate M&V of energy savings, which is often fraught with risks and uncertainties. This paper applied the pre-recording systematic reviews and meta-analysis (PRISMA) approach to finding the primary data based on a few keywords such as “risk or uncertainty, measurement and verification”. Based on advanced searching on SCOPUS and Web of Science (WOS), we found (n=32). Expert scholars decided to develop three themes, which are (1) challenges and issues in M&V, (2) methods of M&V, and (3) risk mitigation strategies in M&V. In summary, this systematic review provides a comprehensive overview of the critical challenges and issues surrounding M&V risks in EPC projects and offers a roadmap for enhancing the reliability and credibility of M&V. By addressing these challenges and implementing the recommended strategies, stakeholders can navigate the complexities of EPC projects more effectively, ultimately advancing the adoption of sustainable energy practices and achieving meaningful environmental and financial benefits.