This study aimed to design five innovation prizes for Renewable Energy Technologies (RET) suitable for launch under Horizon Europe or similar initiatives. The methodology involved three key stages: (1) review and analysis of six previous Horizon 2020 prizes, examining their success factors and challenges encountered; (2) prize concepts development, where ten potential prizes were pre-selected and refined; (3) prize design and implementation, wherein five prize concepts were chosen and their rules of contest, implementation strategies, and communication plans were formulated. This structured approach ensured the creation of effective and impactful innovation prizes for the renewable energy sector. Furthermore, the study provides key tools for future prize designs, handing a complete prize design methodology and recommendations.