While facing increasingly strict regulations regarding energy efficiency, the construction sector should also adopt sustainable solutions in terms of new constructions and renovations of buildings. In particular, energy renovation of existing buildings has specific technical and economic constraints that are generally addressed through implementation of new materials and building integrated systems, whose environmental impact should be considered when assessing the most adequate solution. Within the context of the More-Connect Project, which aims to develop modular prefabricated solutions for energy renovation of buildings, several renovation scenarios for a pilot building in Portugal were assessed using a methodology to compare the cost-effectiveness of renovation measures. The article explores the use of lifecycle assessment to analyse the effect of considering embodied primary energy in cost-effectiveness calculations.