This paper analyzes the optimal portfolio, consumption, and energy-efficiency investment decisions of a Dutch household facing energy price risk during retirement using a continuous-time life-cycle model. The household can reduce its exposure to energy price risk through energy-efficiency home renovations, modeled as an impulse-control problem in which the household chooses whether and when to upgrade its home’s energy label. Energy prices follow a regime-switching jump-diffusion process calibrated to Dutch residential gas prices around the 2022 energy crisis. While a simple net present value calculation suggests label upgrades are beneficial for most households, our model shows that many households optimally delay or forgo renovation despite the positive NPV. We identify biometric risk and liquidity constraints as the main drivers of this reluctance. Our results show how energy price, house price, and biometric risk jointly shape household portfolio composition and energy-efficiency renovation timing, with implications for policy aimed at promoting residential energy efficiency.