CCEF’s 2023 Highlights: Expanding Access through Strategic Partnerships

With the need for sustainable energy solutions growing more urgent by the day, CCEF’s mission to accelerate the equitable adoption of clean energy across Colorado is more important than ever. Founded as a non-profit community lender, CCEF serves as the North Star for clean energy projects and collaborators across the state. Recently, CCEF released its 2023 annual impact report, showcasing significant growth and achievements over the past year.

Expanding Reach and Increasing Renewable Electricity Generation

One of the standout accomplishments highlighted in the report is CCEF’s expansion into seven new counties in Colorado. This expansion has had a tangible impact, resulting in an annual generation of renewable electricity totaling 1,209 megawatt hours (MWh) in 2023. According to the EPA’s Green Power Equivalency calculator, this amount of electricity is enough to power 112 homes’ electricity use for one year.

Growing Lending Capacity and Community Impact

Another key highlight of the report is the dramatic increase in lending capacity. From $30 million in assets under management in 2021, CCEF’s lending capacity has reached over $90 million today. Over 55% of this capital has been deployed in low-income and disadvantaged communities, ensuring that those most in need of clean energy solutions have access to them.

The Colorado Residential Energy Upgrade (RENU) Loan program has cumulatively served 45 counties, financed $66.95 million, and installed 15.82 megawatts of solar. In 2023 alone, RENU financed 900 residential loans aimed at advancing energy efficiency, renewable energy, and electrification of homes across Colorado. Additionally, in 2023, CCEF executed 17 commercial loans for various building types and clean energy technologies, while also supporting over 400 affordable housing units with improved energy performance and living conditions.

Increasing Scalability through Innovative Financing 

CCEF’s commitment to expanding access to clean energy is further demonstrated through its development of the Electrify and Save On-Bill Repayment Program with partners at Tri-State Generation and Transmission Association. This new financing initiative, launched in 2024, is designed as a utility tariff on-bill repayment (TOBR) program to increase access to clean energy for residents in rural Colorado and beyond. By providing upfront funding for energy upgrades with repayment through a line-item charge on monthly utility bills, CCEF, Tri-State, and member utility cooperatives are making clean energy solutions more accessible to rural communities across the state. Recently, the U.S. Department of Agriculture (USDA) approved $75 million in loans to Tri-State through the Rural Energy Savings Program (RESP); of that total, $50 million will be used to support the Electrify and Save On-Bill Repayment Program.

Partnerships for Progress

Earlier this month at the Colorado State Capitol, Governor Jared Polis expressed enthusiasm for the Electrify and Save On-Bill Repayment Program. As mentioned above, this partnership provides a simple, affordable, accessible and scalable finance option that will enable Coloradans to benefit from utility cost-saving projects. 

Looking ahead, CCEF is thrilled to work with the Coalition for Green Capital (CGC) to deploy its sub-recipient allocation from the National Clean Investment Fund (NCIF) award through the Greenhouse Gas Reduction Fund. With plans to expand offerings throughout EPA Region 8 (which includes Colorado, Utah, Wyoming, Montana, South Dakota, North Dakota, and 28 Tribal Nations across those states), CCEF will introduce its current programming as well as new programming to address clean energy finance gaps in the market.

CCEF’s impact extends beyond its direct lending activities, thanks to strategic partnerships with various organizations. Through powerful partnerships, CCEF is able to access additional funding and resources to further its mission of accelerating the equitable adoption of clean energy solutions.

Our 2023 annual impact report is a testament to the need for accessible financing solutions to drive the clean energy transition in communities across the state, by fostering strategic partnerships and prioritizing the needs of underserved communities. CCEF is excited to continue paving the way towards a cleaner, more sustainable future for all.

Want to read the 2023 annual impact report? Click here to discover CCEF’s footprint in 2023 with more details including key impact metrics, project spotlights, program performance and more.