The purpose of the article is to create a mechanism for making investments by enterprises and institutional participants in the building energy cluster. The authors explore the possibility of attracting additional financial resources for implementing energy saving measures through issuance of municipal bonds and compensatory financing on the basis of tax deductions (Tax Increment Financing ? TIF). The study of the practice of local borrowing in Ukraine has demonstrated the fragmented nature of the existing system. However, provided the appropriate regulatory and legal framework and the experience of other countries are taken into account, the development of the local borrowing market can be a source of financial resources for the implementation of energy saving projects. According to the results of the study of the financial compensatory technology "Tax Increment Financing" (TIF), proposals for the formation of a mechanism for making investments by enterprises and institutional participants in the building energy cluster are provided, where its structure identifies the levers, tools, methods of funding energy-saving measures, the coordination center of the energy cluster has been determined and participants of this integration formation are proposed.