Abstract: This paper analyses the results of a pilot deep energy retrofit (DER) implementation including the financial perspectives of the stakeholders with the aim of assisting DER policy development. The Multiple Beneficiary Analysis (MBA) provides technical and energetic details for a recent 12-unit DER social housing project and quantifies the multiple direct and indirect benefits – e.g. financial, economic and societal to enable a stakeholder (beneficiary) analysis. The analysis is apposite given the urgent need for effective policy development in order to enable the achievement of the low-energy retrofit mandated by the EU. The MBA finds that the stakeholder who benefits most (the tenant) makes no financial contribution to the higher standards and while the Central Exchequer also benefits significantly, the stakeholder who makes the upgrade decision (landlord) is financially dis-incentivised. Given the significant benefits which accrue to the Central Exchequer, there is an opportunity for strategic investment by the government to unlock the benefits of low energy dwellings. This would simultaneously realise ongoing financial benefits, “seed” the capability within industry and crucially increase the knowledge and understanding of low energy dwellings which is necessary to enable widespread adoption. The key finding is that despite potential returns of approximately twice the investment, and the urgent need to retrofit existing buildings, the required DER uptake is unlikely as the decision-makers require financial support to unleash the multiple benefits of energy efficient dwellings. A self-financing support is suggested for the case study for consideration.