Homeowners, businesses get new tool

Environment Colorado

“Today, Colorado takes another step in bringing the New Energy Economy home. The Clean Energy Home Financing Act creates an innovative and cutting-edge tool to finance clean energy upgrades for homes and businesses.

“Environment Colorado applauds the leadership of Gov. Bill Ritter, Rep. Alice Madden (D-Boulder), and Sen. Chris Romer (D-Denver) for taking the next steps in building the new energy economy.

“Financing clean energy opportunities for all Coloradans means we can all play a role in cutting global warming pollution and lowering our energy bills.  The Clean Energy Home Financing Act will add power to Colorado’s economy engine by creating good, high-paying jobs to make those clean energy upgrades for homes and businesses.

“Nationally, Colorado ranks fourth in potential for generating electricity from solar power. While Colorado could build half-a-million solar roofs, homeowners still face barriers to investment in homegrown power. A solar system to power a typical Colorado home costs $36,000, meaning that owners face a large upfront cost. For most owners, financing this system creates a second barrier, taking out a large, high-interest loan.

“Colorado is focused on creative and sensible solutions. The legislature found a solution that works with cities and counties to bring low-interest financing for clean energy improvements where homeowners and businesses can payback that loan overtime through a property lien.

“This low-interest, easy payback tool expands clean energy opportunity and affordability for all Coloradans.

“The truly great thing about this bill is that it is a win for clean energy, a win for Coloradans and a win for the state’s economy.” 

About House Bill 1350

• This bill permits local governments to utilize some or all of their federally-authorized and state “pass-through” volume cap allocation to issue bonds to create a fund for providing loans for private renewable energy systems and energy efficiency installations.

• The bill authorizes counties and statutory cities/towns to provide certain funding from their annual budgets in support of programs that fund capital improvements to residences and commercial structures for renewable energy systems and/or energy efficiency installations. 

• Revises both the city and county powers acts to allow cities and counties to create improvement districts for the purpose of investing in renewable energy resources