Increasing energy efficiency and reducing CO2 are among of the main drivers of modern scientific research. One of the solutions to increase energy efficiency is the selection of the insulation of the walls on buildings. The aim of this study is to optimize such insulation taking onto the account several criteria.The paper analyzes the state of the buildings in Sarajevo, precisely in Alipasino polje, which the company KJKP “Toplane- Sarajevo” supplies with thermal energy. Several options for building warmth are considered and evaluated by selected criteria, after that multi-criteria optimization method VIKOR was applied to rank the options and select the best one. Optimization on the basis of relevant criteria is done before making investment project for warmth buildings, to provide input parameters for designing and decision-making processes.