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We propose an electron-phonon parameterization which reliably reproduces thegeometry and harmonic frequencies of a real system. With respect to standardelectron-phonon models, it adds a "double-counting" correction, which takesinto account the lattice deformation as the system is dressed by low-energyelectron-phonon processes. We show the importance of this correction bystudying potassium-doped picene (K$_3$Picene), recently claimed to be asuperconductor with a $T_c$ of up to 18 K. The Hamiltonian parameters arederived from ab-initio density functional theory, and the lattice model issolved by dynamical mean-field theory. Our calculations include the effects ofelectron-electron interactions and local electron-phonon couplings. Even withthe inclusion of a strongly coupled molecular phonon, the Hubbard repulsionprevails and the system is an insulator with a small Mott gap of $\approx$ 0.2eV.

Downfolding electron-phonon Hamiltonians from ab-initio calculations: application to K$_3$Picene