Ready to make an upgrade or need to replace aging equipment in your home? One of the residential programs administered by CCEF could be a great fit! Learn more about the Colorado Residential Energy Upgrade (RENU) loan here and check out the Electrify & Save On-Bill Repayment Program here.
When it comes to financing home energy improvements, CCEF offers two compelling options: the Colorado Residential Energy Upgrade (RENU) Loan and the Electrify and Save On-Bill Repayment (OBR) Program. Both programs aim to make energy-efficient and clean energy upgrades more accessible and affordable for homeowners, but they differ in their features, eligibility requirements, covered measures, and application processes.
Program Overviews
Colorado RENU Loan: Simply known as “RENU,” this program is a statewide residential loan program sponsored by CCEF in partnership with Colorado-based credit unions. RENU features no money down, below-market interest rates with terms up to 20 years and loan amounts capped at $75,000.
On-Bill Repayment Program: The Electrify and Save On-Bill Repayment (OBR) Program allows homeowners in participating utility co-op territories to finance energy-efficient upgrades through their utility bills with no upfront cost. This program is unique because it is not considered a loan; instead, the repayment is integrated into the homeowner’s existing monthly utility bill via a voluntary tariff, making it easier to manage payments.
Eligibility
Colorado RENU Loan: The RENU Loan is available to homeowners across Colorado including primary, secondary, and income properties as well as townhomes and condos that don’t have shared heating or cooling systems. It’s a great option for those who want to undertake energy efficiency projects and are looking for flexible financing solutions. Homeowners must work with a RENU-authorized contractor and a participating RENU lender to ensure a seamless experience.
Approval for a RENU loan is contingent upon a homeowner’s creditworthiness, which is assessed by RENU’s participating lenders. The program is available to homeowners with FICO scores starting at 580.
On-Bill Repayment Program: The On-Bill Repayment Program is available to Coloradoans in the following participating utility co-op territories: Gunnison County Electric Association, Sangre de Cristo Electric Association, Mountain View Electric Association (launching September 10th), and San Luis Valley Rural Electric Cooperative. Members of these participating co-ops must meet bill-pay history criteria and work with an On-Bill authorized contractor.
Eligible Measures
Colorado RENU Loan: This loan covers a broad spectrum of renewable energy and energy efficiency measures, including solar photovoltaic (PV) systems, battery storage, high-efficiency HVAC systems, insulation, windows, doors, water heating systems, and EV charging. These measures must meet minimum efficiency requirements outlined in the program. View the full list of eligible measures and requirements here.
On-Bill Repayment Program: The OBR Program focuses on key energy-saving measures, such as heat pumps, insulation, windows & doors, LED lighting, and more. These upgrades are designed to deliver immediate energy savings, making them a convenient choice for homeowners looking to improve their home’s energy efficiency. Solar panels are not an eligible measure under the OBR Program. Check out the comprehensive list of eligible measures and requirements here.
How to Apply
Colorado RENU Loan: To apply for the RENU Loan, homeowners can find a RENU-authorized contractor here and work with either Elevations Credit Union or Westerra Credit Union. The process involves the contractor sending the application to the homeowner, installing approved measures, signing closing documents and then beginning loan repayment to their selected lender.
On-Bill Repayment Program: Homeowners in participating co-op territories can express their interest with one of the On-Bill authorized contractors here. After completing the application through their contractor, the selected contractor will install energy measures. The monthly payment charge is added to the homeowner’s monthly utility bill, allowing for convenient repayment.
In conclusion, both the Colorado RENU Loan and the On-Bill Repayment Program offer valuable opportunities for Colorado homeowners to finance energy-efficient and clean energy upgrades. The choice between them depends on factors like who their electric service utility is, the type of energy improvement needed, and preference to manage loan repayments.
