Be Included in the First Round of Applicants for the ClimateSmart Loan Program!

It’s Here! You helped Vote for it – Now take advantage of this limited Opportunity to Use It!

Homeowners Take Action Now to be included in the First Round of Applications for the new ClimateSmart Boulder County 1A Loan Program – This Nationally Groundbreaking Program is a multi-jurisdiction effort toward making a large impact on decreasing the County’s carbon footprint as well as putting Green Jobs back to work!

The beauty of the program is that homeowners opt into the program and the program itself is self-funding. There is absolutely no tax burden on the people of the County, not even for administration of the loans. (see more on the County’s Website)

Process:

Homeowner attends Mandatory Training & Informational Meeting – start next week! Get Informed NOW! Check HERE to sign up NOW for a workshop in your area. Workshop Schedule

Next the homeowner gathers paperwork on the provided Checklist & then moves on to complete the online application…

Countywide Applications Accepted – 4/1 thru 4/10 - You need to have written ESTIMATES on all the work you will want to have done (see approved list here)

so you know the proposed loan amount when you apply. Bids must include a “not to exceed” dollar amount to be included in the homeowner’s proposal. The contractor must be licensed to do work in the jurisdiction and must comply with all permitting & inspection regulations.

There is a $75.00 application fee due at the time you do the online application. A 1% origination fee is also due at the time the loan is approved. (I.E. - $10,000 loan = $100 Due at approval) Otherwise, the loan is full financing – no down-payment is needed. The County expects the terms of the bond to be at a rate of 6-8% for a 15 year loan, with a rate cap expected to be 8.75%. The rate will be unknown to the homeowner until all the applications are processed and the County moves forward to do the Bond Sale – the day of the sale and the amount of the total loans will dictate the exact rate.

Accepted homeowners are pre-qualified for the loan – based on property tax value not credit score ($3,000 minimum to $50,000 max) some loans are income-qualified, others are tax exempt. (See More on how the loans work & how they are paid back HERE)

Homeowner solicits written bids from contractors to do the work – it can be multiple contractors - Each contractor is paid directly by the COUNTY as the work is completed – the homeowner files a certificate of completion & final invoice with the loan originator & then they pay it as each job is finished.

By 5/8 Approved homeowners will get notification to begin work – Installation can now begin.

6 month completion date – all work needs to be finished by 11/4.

Other Details:

Priority is being given to homeowners who have had an Energy Audit including infrared & blower door test.

Priority is also being given to those who are obtaining financing to install Renewable Energy - solar hot water (solar thermal) or PV (solar electric)

Priority is then by date/time stamp when application is received.

They expect to have future rounds of applications until the $28 million in approved bond money is gone.

$12 million is tagged for Commercial projects – application process due to start this fall, once they see how the residential program goes.

All approved projects must involve a third party – no Do-It-Yourself projects are eligible.

To be eligible, all property taxes must be current, having not been delinquent anytime in the past 3 years.

Side-Note: Why do homeowners get Energy Audits? According to the CRC in Boulder, the number one reason is to save money – to put money into the most effective areas to save the most for their efficiency upgrade investment dollars. Second, here where it is cold one hour and so hot the next, it’s no surprise that homeowners cite comfort as the next reason for getting an Audit. (Where is that cold draft coming from? Why does my heat cycle on and off? My bedroom is so hot I can’t sleep in the summer.) Rounding out the top three is the feel-good reason of environmental impact. Gotta love Boulder, I am not sure that being Green would top the list in Indiana, Pennsylvania or Tennessee but national trends have to start somewhere. Glad I am here.

P.S. – Energy Audits also EMPOWER homeowners to make clear decisions rather than feel influenced by any product claims or sales pitch! Get informed! An Audit should cost $300 or less.