The aim of this study is twofold: (i) at first, the authors would like to analyze the financial reliability of ESCO industry in Italy by using the Z’’-score model by Altman (1995) and (ii) secondly, observing the trend of Z’’ values from the year 2010 to the year 2014, they would try to connect these changes to specific business behaviors. An empirical research on a sample of 68 Italian ESCOs has been carried out. By analyzing balance sheet indicators, the authors identify the causes that entail the transition of firms from a specific solvency situation to another. Findings show that in most cases Z’’-score increased over the years thanks to the acquisition of White Certificates, that represents an efficient instrument to promote energy saving. Research results allow to hope in a future development of ESCO industry