Renovating buildings across the EU by 2050 could significantly reduce energy demand and save over 400 billion euros per year in energy costs. Ramping up renovation rates from the current 1% to 3% annually could create over 2 million new jobs, lower energy bills, and reduce CO2 emissions by 36%. Ambitious renovation programs are needed to stimulate private investment and help the EU gain 130 days of energy independence by 2020 through reduced energy imports.