The relevance of the problem studied in the article is caused by the fact that now the process of reforming the housing and utilities sector in the Republic of Tatarstan continues. Its purpose is to increase the quality of service for public and to protect their legitimate rights and interests. That is why it is one of the aspects of social and economic policy. All mentioned above determines the necessity of implementing energy saving projects and evaluating their efficiency. The purpose of the article is quantitative evaluation of the efficiency of investment project in the field of energy saving with estimation of the risk of its implementation. The leading method to study this problem is the quantitative approach of evaluating the project risks, based on the analysis of sensitivity and project risks scenarios which are calculated by using discount method of its efficiency. Such methods provide the accuracy of the calculations. In the article we made evaluation of economic efficiency in housing and utility sector. We also detected the most critical factors for implementing the projects in the field of energy saving and made quantitative assessment of their influence. We also made the reasonable conclusions about the necessity of risk evaluation by using methods of sensitivity and scenario evaluation. Results of calculating the project efficiency in the field of energy saving and the results of analyzing sensitivity of the factors that influence the project can be useful when implementing similar project.