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We address the problem of intermolecular interaction energy calculations in molecular complexes with localized excitons. Our focus is on the correct representation of the dispersion energy. We derive an extended Casimir-Polder formula for direct computation of this contribution through second order in the intermolecular interaction operator V̂. An alternative formula, accurate to infinite order in V̂, is derived within the framework of the adiabatic connection (AC) theory. We also propose a new parametrization of the VV10 nonlocal correlation density functional, so that it corrects the CASSCF energy for the dispersion contribution and can be applied to excited-state complexes. A numerical investigation is carried out for benzene, pyridine, and peptide complexes with the local exciton corresponding to the lowest π–π* or n– π* states. The extended Casimir-Polder formula is implemented in the framework of multiconfigurational symmetry-adapted perturbation theory, SAPT(MC). A SAPT(MC) analysis shows that the creation of a localized exciton affects mostly the electrostatic component of the interaction energy of investigated complexes. Nevertheless, the changes in Pauli repulsion and dispersion energies cannot be neglected. We verify the performance of several perturbation- and AC-based methods. Best results are obtained with a range-separated variant of an approximate AC approach employing extended random phase approximation and CASSCF wave functions.