New Energy Initiative in Colorado Sparks Statewide Solar Financing
Going Solar in the Rocky Mountain State Just Got More Affordable
The Colorado Energy Office recently welcomed Sunlight Solar as a contractor for the Colorado Residential Energy Upgrade (RENU) Loan, a statewide financing program launched in February of 2018 in support of renewable energy projects for Colorado homes. Partnered with Boulder‐based Elevations Credit Union as the program’s financing provider, the RENU initiative offers long‐term loans for individuals seeking to improve the energy efficiency of their homes. As an authorized RENU contractor, Sunlight Solar in Colorado Springs can now offer its clients an unprecedented, low-interest financing option with the ability to cover 100% of solar PV installations up to $35,000. Available loan terms range from 3-15 years, require no down payment, and are excluded from dealer fees commonly associated with other providers.
“The residential market presents a significant opportunity to conserve energy, and the Colorado RENU Loan offers a financial tool to help homeowners achieve utility savings and increase the comfort of their homes,” says Jeffrey King, program manager at the Colorado Energy Office. “We’re excited to be bringing this loan offering to homeowners across Colorado.”
Elevations Credit Union (ECU) was selected as the lender for the RENU program based on its residential energy lending experience in Denver, Boulder and Fort Collins. “As a member‐owned, locally-focused financial services cooperative, Elevations is committed to the long‐term sustainability of Colorado’s communities,” says ECU Chief Lending Officer, Ray Lindley. “The Colorado RENU Loan program allows us to better achieve that goal by extending the ability to offer our energy lending services throughout the entire state.”
Rates for residential projects vary depending on credit and can be viewed at colorado.gov/pacific/sites/default/files/atoms/files/Rate%20Sheet.pdf.
To learn more about the RENU loan, visit colorado.gov/pacific/energyoffice/colorado-renu-loan.