The social and environmental urgency of large-scale integrated retrofitting of the European residential building stock is widely acknowledged and supported by all Member States. However, the European building sector is currently still not able to offer an integral solution for deep renovation toward nearly Zero Energy Building (nZEB) for reasonable costs. MORE-CONNECT project aims to tackle this issue by developing cost optimal solutions to renovate buildings towards nZEB. In this project, the optimal solutions include the development of prefabricated, multifunctional renovation elements for the total building envelope (façade and roof) and installation/building services. This paper presents the first stage of the project, namely the analysis and comparison of three scenarios following the current national requirements in Portugal i) 80% reduction of the current primary energy consumption of the building, ii) cost optimal solution (nZEB) and iii) net zero energy (NZEB). The optimization of the building envelope will be the main driver for the three scenarios as well as the inclusion of renewable energy strategies. Overall, results suggest that it is possible to achieve cost-effective solutions for the renovation of Portuguese residential buildings. Moreover, the cost-optimal solution (scenario ii) matches approximately with the 80% reduction of energy scenario (scenario i).