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Energy efficiency can help facing the climate crises. Yet the energy intensity has decreased more slowly than required to achieve climate goals. Based on this premise, we build an agent-based model to study the effects of different energy efficiency policies. Policies analysed range from indirect policies – taxes, incentives, and subsidies – to direct technological policies, where a public research laboratory invests in R&D to establish a new technological energy efficiency paradigm. Results reveal that, although most of the policies effectively reduce energy intensity, the research lab is the most efficient in promoting energy efficiency without negative impacts on macroeconomic and public finance conditions. However, the success of this policy requires a long-term commitment, highlighting the importance of complementing this strategy with more "ready to use" measures. The findings also indicate that most policies do not induce significant macroeconomic rebound effects. Concerns about macroeconomic rebound effects may likely be overstated. • Improvements in energy efficiency help face the ongoing climate and energy crises. • Yet, energy intensity has declined more slowly than needed to meet climate goals. • The paper builds an agent-based model to study different energy efficiency policies. • Indirect policies work but are outperformed by direct technological policies. • The macroeconomic rebound effect induced by most of the policies is rather small. [ABSTRACT FROM AUTHOR]