Purpose. Improving the methodology for managing investments in a targeted energy efficiency program to better attract investment and achieve optimal results at each stage of implementation. methodology. Systemic approach has been applied in order to coordinate various stages of developing and implementing the programs, which is based on simulations of iterative procedures of optimal investment management for such programs, and is realized on the basis of the relative organizational and functional autonomy of the programs participants.findings. A model is developed that can simulate investment management in energy efficiency; ranking of energy efficiency projects are thus carried out, investment needs are accurately defined, and unanticipated expenditures can be estimated and planned for. The model also provides scenarios for optimal structure, levels of investment, variable interest rates, and use of other economic incentives.Originality. Methodological approach to increasing the investment management efficiency for targeted programs is improved by integrating in a unified systemic model the financial, economic and energy balances of investment projects submitted to the program by business entities, with subsequent coherent optimization of the parameters of their interaction on the basis of relative organizational and functional autonomy of the entities.Practical value. The developed simulation model is a powerful tool to support management decisions on identifying and purposeful providing of investments to the most effective directions of targeted programs implementation.