Under the trial, lenders will test a European framework for energy efficient mortgages, ahead of an expected product roll-out in the future.
During the two-year pilot scheme, lender data will be used to analyse the impact of energy efficiency on credit risk.
The pilot and framework are part of the Energy Efficient Mortgages Initiative, which hopes to deliver cheaper lending for borrowers with energy efficient buildings or who have made energy saving renovations.
The banks involved in the scheme are a wide range of lenders across the continent and include BNP Paribas in the UK.
The initiative is also supported by the UK Green Building Council.
It comes after the Welsh government recently launched legislation to give Help to Buy borrowers in Wales larger equity loan sizes when they buy a home with smaller energy bills.
Luca Bertalot, Energy Efficient Mortgages Initiative coordinator, said: “After many months of preparation and extensive consultation of relevant actors, the pilot scheme will provide real business responses to the challenges of designing a market framework for energy efficiency financing and supporting the EU’s transition to a more sustainable future.
“Much effort has been dedicated to this initiative by and across a number of sectors, and we are therefore excited that the major European lenders from a wide range of jurisdictions have recognised the importance of the initiative and have committed to road-testing it.”