Federal guidelines have prompted Boulder County to examine their residential program to ensure it adheres to the new requirements. The ClimateSmart Loan program is on hold for residential loans while County officials review the guidelines. The program is also on hold for commercial projects.
Voters in Boulder approved Ballot Issue 1A in November 2008, authorizing Boulder County to issue bonds for the purpose of providing special financing options for renewable energy and energy efficiency improvements to homes in the county. All of the local governments in Boulder County have authorized the city to provide loans to home owners which will then be repaid through a special assessment on their property tax bills. Tax payers can pay two equal half payments due on the last day of February and on June 15th, or the whole payment on April 30th. Either the amount due for the year or the entire loan amount can be paid at these times.
After a successful first round of residential funding, Boulder is making plans for the second round of residential funding, and applications are expected to be available in mid-April 2010. Additionally, Boulder launched its first round of commercial funding in January 2010. Property owners can apply for funding for a maximum of 20% of the statutory actual value of the property on which the equipment will be installed, or $50,000 for residential systems and $210,000 for commercial systems, whichever is less. $15,000 is available for income qualified loans, which can be supplemented with open category loans, subject to the $50,000 maximum.
The loan can be used to finance a wide variety of efficiency and renewable energy projects on homes in Boulder County. Residential applicants must pay a $75 non-refundable application fee, and obtain written estimates or bids with a "not to exceed" clause prior to applying. Income qualifying loans, for those making up to 115% of area median income, are restricted to primary residences and will receive lower interest rates and annual assessments.
| Implementing Sector: | Local |
| Category: | Financial Incentive |
| State: | Colorado |
| Incentive Type: | PACE Financing |
| Web Site: | http://www.ClimateSmartLoanProgram.org |
| Administrator: | County of Boulder |
| Start Date: | |
| Eligible Renewable/Other Technologies: |
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| Terms: |
Minimum funding amount of $3,000. Loans are repaid over 15 years as a special assessment on the homeowner's property tax bill Interest/Assessment rates will not exceed 6.75% for income qualified loans and 8.75% for open loans. |
| Name: | Climate Smart Loan Program |
| Organization: | City of Boulder |
| Address: |
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| Phone: | (303) 441-3492 |
| Email: | climatesmart@bouldercounty.org |
This information is sourced from DSIRE; the most comprehensive source of information on incentives and policies that support renewables and energy efficiency in the United States. Established in 1995, DSIRE is operated by the N.C. Clean Energy Technology Center at N.C. State University.
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