Homeowners, businesses get new tool for clean energy upgrades
The following is a press statement by Pam
Kiely, legislative program director of Environment Colorado on the signing of House Bill 1350 Clean Energy Home
Financing
“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
