This paper introduces an innovative cooperative model for energy efficiency retrofitting that incorporates carbon emission rights, addressing critical financial constraints in Energy Performance Contracting (EPC). By employing the fuzzy analytic hierarchy process (F-AHP) to evaluate risk assessment indicators and stakeholder contributions and utilizing the enhanced Shapley method for equitable benefit distribution, the model demonstrates significant improvements in financing and efficiency for energy conservation projects. The findings are as follows: (1) the energy efficiency retrofit model, which integrates carbon emission rights, effectively alleviates the financial constraints and fosters energy conservation and emission reduction in guaranteed-savings EPC projects; (2) the enhanced Shapley method is deemed appropriate for the equitable distribution of energy-saving benefits among stakeholders; (3) when compared with the traditional model and the benefit allocation-absent carbon rights, the energy-saving benefits of the energy efficiency retrofit model incorporating carbon emission rights are higher in individual and overall terms. The findings of this study offer a viable solution to financing challenges faced by stakeholders in such projects and delineate a pragmatic approach for enterprises to enhance energy efficiency and reduce emissions.