Residential Energy Upgrade (RENU) Loan Program
Heat Pump Water Heater for Ann Marie with My Electric Home
What CCEF
Financed
Heat Pump Water Heater
“The financing happened pretty quickly and all of the rebates were available.”
– Ann Marie
About the Project
Location: Denver
Measure(s) Financed: Heat Pump Water Heater
The Story
When Ann Marie’s old water heater broke unexpectedly, she needed a replacement as soon as possible. Luckily, she was able to get a new heat pump water heater in a timely manner while also taking advantage of rebates and financing through the Colorado Residential Energy Upgrade (RENU) program. Ann Marie had previously used rebates to install a heat pump for air conditioning and always had energy efficiency upgrades in the back of her mind.
“The timing was not the greatest for our finances so it was really nice to hear about the RENU program,” Ann Marie said. “The financing happened pretty quickly and all of the rebates were available.”
Ann Marie worked with Westerra Credit Union and expressed how fast the process was. The rebates from Denver Climate Action Rebates (CARe) program further reduced the project costs. She was able to utilize over $1,700 worth of rebates from CARe as well as a $800 Heat Pump Water Heater credit from Xcel Energy.
Choosing the right equipment and navigating rebate programs can be overwhelming, especially when it comes to newer technology. Ann Marie appreciated having a professional like Jason from My Electric Home to guide her through the process. “Jason was really great. I have been recommending him to other people. He was very professional and he took the time to explain how everything worked,” she explained.
With her new heat pump water heater installed, Ann Marie has already noticed improvements. “We had an old water heater before. We take hot showers for longer now which is great,” she noted.
She’s proud to have made another step toward making her home as energy-efficient as possible. But what makes heat pump water heaters efficient? They use an air compression process to increase water temperature by extracting air from your home and moving it into an evaporator where it is compressed. The temperature of the air increases as it compresses, which then increases the temperature of water in the tank.
For homeowners like Ann Marie, the RENU Program is a great option, providing straightforward financing to invest in energy-efficiency upgrades. Thanks to fast approvals, no prepayment penalties, and a great contractor network, more homeowners can take control of their energy use without the stress of high upfront costs. Learn more here.
Image Source: My Electric Home
