The current geopolitical landscape of the European Union has made it clear that the energy sector must be a top priority in EU policy, especially in light of the sudden escalation of Russian−Ukrainian conflicts. Energy efficiency has been used as the first tool of EU policy to tackle energy and climate crises, given the issues surrounding energy vulnerability and the need to limit gas emissions that contribute to climate change. The white certificate mechanism in Italy has played a pivotal role in encouraging measures to achieve the country’s energy-saving goals. Given the high energy requirements of Wastewater Treatment Plants (WWTPs), especially for aeration in the biological section, this paper examines the replacement of the air distribution system for a large WWTP as a viable intervention. In order to provide economic perspective for the plant, both the discounted Payback Period (dPBP) and the Net Present Value (NPV) were calculated for the investment. When viewed through an economic lens, the dPBP metric exhibits values that span from less than 1 year to nearly 4.5 years. Additionally, the investment’s cost-effectiveness was emphasized by the NPV, which, depending on the factors considered, can exceed 17.5 million euros. Finally, given the centrality of the theme of climate change, the avoided greenhouse gas emissions generated by the efficiency intervention were calculated, according to the GHG Protocol, resulting in a quantity of avoided emissions equivalent to over 57,770 tonnes of CO2e. These results highlight important achievements in terms of both the cost-effectiveness of the plant and the reduction of greenhouse gas emissions.