December 2022 marks the 5th year anniversary of the RENU Loan Program. RENU was launched in December 2017 to deliver local, affordable, and tailored energy financing for Colorado homeowners. The program started out with humble beginnings, financing only a handful of projects per month. Since then however, the program has greatly expanded in scope and awareness. In the five years of program operations, RENU has gone on to produce the following results through November 2022:
- 2,328 loans closed
- $43m in financing
- 46 counties served
The success of RENU would not be possible without the support of our contractor base. Contractors are at the heart of the program and we’re thankful for your continued participation and interest over the years. We also highly value your feedback, which has been critical in shaping the program.
RENU has had a unique journey the last five years. The program was designed and launched from the Colorado Energy Office (CEO). While the CEO was a great place to incubate the program in its early years, it was not the best long-term fit in terms of allowing for program scalability and growth. With the migration of RENU to CCEF in June of 2022, we have set the program on a path for a far bigger and brighter future.
In the spirit of taking contractor feedback to heart and in an effort to position RENU for greater ease-of-use and scalability, we will implement a loan platform to significantly enhance the process and experience for contractors, homeowners, and lenders. The platform will allow contractors to initiate applications, provide homeowners with instant auto-decisioning, and expedite and streamline contractor payments, all in one centralized portal. In addition, we’ll be making further upgrades to our website and will explore creative ways to bring RENU rates back down with our lending partners.
We’re sincerely thankful for your continued support of RENU and we look forward to building “RENU 2.0” with you in the future!