Geopolymers have been proposed as a green alternative to Portland cement with lowered carbon footprints. In this work, a geopolymeric mortar obtained using waste materials is studied. Fly ash, a waste generated by coal combustion, is used as one of the precursors, and waste glass as lightweight aggregates (LWAs) to improve the thermal performance of the mortar. The experimental study investigates the effect of varying the alkali activating solution (AAS) amount on the workability, compressive strength, and thermal conductivity of the mortar. Indeed, AAS represents the most expensive component in geopolymer production and is the highest contributor to the environmental footprint of these materials. This research starts by observing that LWA absorbs part of the activating solution during mixing, suggesting that only a portion of the solution effectively causes the geopolymerization reactions, the remaining part wetting the aggregates. Three mixes were investigated to clarify these aspects: a reference mix with a solution content calibrated to have a plastic consistency and two others with the activating solution reduced by the amount absorbed by aggregates. In these cases, the reduced workability was solved by adding the aggregates in a saturated surface dry state in one mix and free water in the other. The experimental results evidenced that free water addiction in place of a certain amount of the solution may be an efficient way to improve thermal performance without compromising the resistance of the mortar. The maximum compressive strength reached by the mortars was about 10 MPa at 48 days, a value in line with those of repair mortars. Another finding of the experimental research is that UPV was used to follow the curing stages of materials. Indeed, the instrument was sensitive to microstructural changes in the mortars with time. The field of reference of the research is the rehabilitation of existing buildings, as the geopolymeric mortars were designed for thermal and structural retrofitting.