Renovation of existing buildings is important in the work toward increased energy efficiency and reduced environmental impact. The present paper treats energy renovation measures for a Swedish district heated multi-family house, evaluated through dynamic simulation. Insulation of roof and facade, better insulating windows and flow-reducing water taps, in combination with different HVAC systems for recovery of heat from exhaust air, were assessed in terms of life cycle cost, discounted payback period, primary energy consumption, CO2 emissions and non-renewable energy consumption. The HVAC systems were based on the existing district heating substation and included mechanical ventilation with heat recovery and different configurations of exhaust air heat pump. Compared to a renovation without energy saving measures, the combination of new windows, insulation, flow-reducing taps and an exhaust air a heat pump gave up to 24% lower life cycle cost. Adding insulation on roof and facade, the primary energy consumption was reduced by up to 58%, CO2 emissions up to 65% and non-renewable energy consumption up to 56%. Ventilation with heat recovery also reduced the environmental impact but was not economically profitable in the studied cases. With a margin perspective on electricity consumption, the environmental impact of installing heat pumps or air heat recovery in district heated houses is increased. Low-temperature heating improved the seasonal performance factor of the heat pump by up to 11% and reduced the environmental impact. (C) 2016 Elsevier Ltd. All rights reserved.