The IEA-EBC Annex 56 project «Cost-Effective Energy and Carbon Emissions Optimization in Building Renovation» intends to develop a new methodology for cost-effective renovation of existing buildings, using the right balance between the energy conservation and efficiency measures on one side and the measures and technologies that promote the use of renewable energy on the other side. It aims to provide a calculation basis for future standards, which aims at maximizing effects on reducing carbon emissions and primary energy use in building renovation. The IEA-EBC Annex 56 project pays special attention to cost-effective energy related renovation of existing residential buildings and low-tech office buildings (without air conditioning systems). Apart from including operational energy use, also the impact of including embodied energy is investigated. The present report is one of several reports prepared within the framework of this Annex 56 project.