Below are some of financing options that can used to purchase solar energy for your home or business. This list is by no means exhaustive as many other private lenders and innovative mechanisms exist, as do various grants and possible incentives and rebates. Full details and specifics for each can be found through your loan provider. Consult your financial advisor beforehand. This is by no means meant to provide financial advice.

GCEA customer, energy audit information

Gunnison Valley – Home Energy Advancement Team, energy efficiency information
FUNDING OPTION DESCRIPTION ELIGIBILITY LOAN AMOUNT LOAN PERIOD OTHER NOTES
Home Equity Loan -Borrow against your home equity and collect fixed sum for home improvement projects -Homeowners with average or better credit and more than 20% equity -Loan to Value Ratio -Pay back the loan over an agreed term -Fixed Interest Rate, interest tax deductible

-Minimum amounts

Home Equity Line of Credit OR Conventional Credit Card -Available credit you can borrow (borrow against home in HELOC) -Credit worthiness determines available credit

-Similar to above for HELOC

-Loan to Value Ratio for HELOC -Revolving Fund

-Repayment period varies from lender to lender

-Adjustable Interest Rate, interest tax deductible for HELOC
Local Bank or Credit Union Loans

(Including Alpine Bank’s Green Lending Loan)

-See Bank For Terms -Personal and Bank Loans -See Bank for Terms -See Bank for Terms
Re-Financing -Process of obtaining and new mortgage -Homeowners with average or better credit and more than 20% equity -Loan to Value Ratio -See Mortgage Terms -Interest on Primary Residence tax deductible

-Can carry origination fee

USDA Rural Energy for America Program (REAP) Loans & Grants -Provide guaranteed loan financing and grant funding to agricultural producers and rural small businesses to purchase or install renewable energy systems or make energy efficiency improvements to their businesses. -Agricultural producers with at least 50% of gross income coming from agricultural operations, and

-Small businesses in eligible rural areas)

-Loan guarantees on loans up to 75% of total eligible project costs

-Grants for up to 25% of total eligible project costs

-Combined grant and loan guarantee funding up to 75% of total eligible project costs

-Max term of 30 years for real estate

-Max term of 15 years for machinery and equipment

-Max term of 7 years for capital loans

-Max term of 30 years for combined real estate and equipment loans

-Project applications are accepted year around at USDA locations and questions can be directed to State Rural Development Coordinator

-Additional requirements and term details at www.rd.usda.gov

Colorado Commercial Property Assessed Clean Energy (C-PACE) -Colorado C-PACE is a financing tool that allows commercial and multifamily property owners to finance qualifying energy efficiency, water conservation, and other clean energy improvements on existing and newly constructed properties, with repayment of the financing through a voluntary assessment on their property tax bill. -C-PACE enables owners of eligible commercial and industrial buildings to finance up to 100% of energy efficiency, renewable energy and water conservation eligible improvements (full list online) C-PACE projects typically range from $200,000 to more than $1 million. Constraints on the amount are driven by the financial health of the building and include: Building financials, Loan-to-value percentage (<80% LTV is preferred) and considerations of the mortgage holder. -Repayment periods can be 10, 15, or 20 years, depending on the owner’s preference, and are limited by the weighted average effective useful life (EUL) of the financed improvements -Qualification is based on property and not property owner. Criteria detailed at copace.com Interested applicants must submit a Pre-Qualification Form
Colorado Residential Energy Upgrade (RENU) Loan -A statewide residential loan program sponsored by the Colorado Energy Office in partnership with Elevations Credit Union offering low-cost, long-term financing for energy efficiency and renewable energy improvements -Must own the home that will be undergoing energy efficiency or renewable energy upgrades

-Have a minimum credit score of 580. Debt-to-income requirements also apply

-Need to work with an authorized RENU contractor to install eligible measures

-Loans as low as $500 up to $35,000

-Finance up to 100% of the project cost

-36, 60, 84, 120 or 180-month terms -Visit Elevations Credit Union for full loan terms and to apply or call 800-429-7626
Installer Financing Options -Installers might have preferred lenders available including potential leasing arrangements -See loan terms -See loan terms -See loan terms -Discuss with installers
Cash Purchase -Requires large cash outlay

-Qualify for 30% federal tax credit immediately

-People in certain financial situations N/A N/A N/A

 

Inefficient Building Costing You Money?

COLORADO C-PACE CAN HELP.
You already know that buildings with outdated energy equipment can cause your utility bills to soar. You also know that inefficient buildings are less competitive than their energy-efficient peers. But did you know that upgrading your building can actually put money in your pocket? It’s possible with Colorado’s C-PACE program!

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