With the RENU Loan, you can:
- Retrofit your home and make it more energy efficient
- Stop wasting energy
- Lower your utility bills
- Make your home more comfortable and less drafty
- Go green and install a solar energy system
- Replace aging or broken equipment such as an air conditioner, water heater, or furnace
- Avoid putting expenses on a high-interest credit card
- Take advantage of an easy loan and project approval process
- Trust the program because it’s sponsored by the State of Colorado and Elevations Credit Union, a not-for-profit financial institution that has served Colorado since 1953
About the Loan:
- Finance 100% of project costs
- Loans are available from $500 to $35,000 up to 15-year terms
- Interest rates start at 2.75% for FICO scores of 740+ and a 3-year term
- Borrowers approved with credit scores as low as 580
- There are no prepayment penalties
- Nominal loan fees
- No cost re-amortization with a principal payment of $1,000 or more
Property owners of existing, single-family homes in Colorado. Primary, secondary, or income properties are eligible as well as townhomes and condos (shared heating or cooling systems are not eligible).
How to get started:
- Work with a RENU-authorized contractor to identify qualifying energy improvements and a project cost estimate for your home.
- Apply for the loan through Elevations Credit Union online at www.elevationscu.com/energyloans or by calling 800-429-7626. (Customers may seek pre-approval from Elevations prior to engaging with an authorized contractor.)
- Provide contractor quote and requested loan documentation to Elevations (verification of income, etc.)
- Receive loan and project approval
- Schedule work directly with contractor.
- Contractor installs approved measures.
- Notify Elevations when work is complete. Elevations will send you the loan closing documents which you can sign electronically or in person.
- Your contractor will electronically sign an affidavit stating the work is completed. Elevations will pay the contractor directly.
- Start enjoying your home energy improvements and begin repaying the loan directly to the lender.
For any questions, please contact: Jeffrey King, Colorado Energy Office Program Manager, 303-866-2259.