Tackling energy-efficient upgrades to your home can reduce monthly utility bills, boost the value of your property and lessen your impact on Colorado’s environment. A home energy loan can help make energy-saving projects a reality.
While many homeowners believe the only qualifying project for this loan type is solar panel installation, a home energy loan can fund many eco-friendly projects, from heating and cooling to windows and doors. Use this list to inspire your next remodeling adventure.
What is a home energy loan?
As a homeowner, you can apply for an energy loan to fund projects that help make your home more energy efficient. While the Colorado Residential Energy Upgrade (RENU) Loan program offers up to $75,000, these loans aren’t solely for massive home projects. At Elevations, energy loans can be as small as $500. That might be the perfect amount to tackle that weekend project that’s been lingering on your to-do list.
Which projects qualify for a home energy loan?
Larger projects can include solar panel installations, electric vehicle charging stations, and insulation and air sealing. Review the list below and note if your systems could be upgraded to be more efficient.
Solar PV, solar thermal and more energy upgrades
We know going green can cost some green. Through the Colorado RENU Loan, you can receive up to $75,000 for home energy efficiency upgrades like solar panel installation.
Speaking of energy system upgrades, you might also consider a residential solar thermal system, which provides hot water (warmed by the sun) as energy to heat your home.
Other heating and cooling projects a RENU loan can fund include an air-source heat pump, central air conditioning, evaporative cooling, water heater and geothermal.
Electrical vehicle charging station
An energy loan can help fund a home EV charging station, so you can enjoy more convenience when charging your electric car.
To make sure your home is ready for this project, you may first need to upgrade the electrical panel—this can be considered part of your EV energy loan project.
Windows and doors
Are you feeling a light breeze near your windows and doors? If the sealing isn’t enough to keep out these drafts, it’s time to shop for replacements.
You can use a home energy loan to purchase CCEF-approved windows and exterior doors. If you have a historic home, mention this on your application as you may need particular window types.
Insulation
Reducing energy costs starts with keeping your heating and cooling inside your home. By upgrading the insulation in your home’s walls, floors, foundation and attic, as well as replacing the seals around your doors (don’t forget the garage door, too) and ductwork, you can lower and stabilize energy costs.
By completing insulation tasks around your home, the Environmental Protection Agency (EPA) estimates you can save an average of 15% on heating and cooling bills. That means an expense currently at $200 per month would drop to $170.
Fund your home energy project.
Whether you’re looking to update your electrical system to allow for a home charging system or replace your windows with more efficient options, you can fund your home energy project locally.
Elevations’ home energy loans are available to homeowners through the Colorado RENU Loan. The website also has a list of CCEF-approved contractors.
You can learn more about Elevations energy loans on our website and through these blog articles:
❓ What’s the process to qualify for a home energy loan?
