Management of the energy saving process at enterprises should be based on the analysis of the influence of factors on this process. One of these factors may be the amount of investment in the implementation of energy-saving technological changes (ETC) at enterprises. Therefore, the aim of this study was to develop and test scientifically based tools for a detailed and comprehensive assessment of the impact of the capital intensity of ETC on the efficiency and scale of their implementation at enterprises. A model of this impact is built and a methodical approach to decomposition in profitability of investments made by firms in the implementation of ETC is developed. A method for assessing the impact of the capital intensity of ETC on the efficiency and scale of their implementation has been proposed. This method has been tested on a sample of industrial companies in Ukraine. The results of the empirical analysis have shown, in particular, that reducing the capital intensity of ETCs has a significant positive impact on their implementation. It also revealed the existence of a relationship between the profitability of investments in ETC and the growth rate of energy efficiency. The findings can be used by state and municipal authorities in justifying and implementing financial support programs for those enterprises that plan to deployment energy saving measures.