High upfront costs and a lack of easily accessible financing are key barriers to investments in energy efficiency (EE). This report assessed EE financing barriers and opportunities for small utilities, relying on interviews, literature reviews and case studies. Key barriers identified include: lack of staff time, lack of access to low-cost capital, and inability to serve those most in need of financing. The report highlights a range of potential solutions that small utilities could pursue to make EE financing programs more scalable, sustainable and equitable.