Today, the attention in the retrofitting of building is quickly growing. In this field, the re-use of waste materials and the innovation in the retrofitting techniques are among the crucial topics. Generally, thermal capacity and seismic resistance are two aspects very felt by the building owners. Commonly, independent approaches are assessed in order to cover the energy and mechanical lacks of a building. In such a way, the intervention may result time- and cost-consuming or, sometimes, poorly effective. The present paper aimed to propose and validate a new retrofitting system based on the partial use of waste materials, such as fly ash and expanded glass (acting as a matrix), and a fiber open grid reinforcement. The proposal is suitable for the plastering of building with the double scope of thermal insulation and seismic strengthening throughout a unique application. An experimental investigation was carried out considering small-scaled masonry panels with double-side retrofitting. The studied parameters were thermal transmittance and shear strength. The results evidenced the effectiveness of the proposed technique, able to significantly improve the un-retrofitted masonry, from both the thermal and mechanical point of view.