As part of a long-term vision to scale RENU and align it with other peer state loan programs, the RENU Loan Program will be migrating from the Colorado Energy Office (CEO) to the Colorado Clean Energy Fund (CCEF), a non-profit financial institution recently capitalized during the 2021 legislative session. Acting as the state's new green bank, CCEF is well positioned to serve as the program sponsor and to help RENU achieve greater scalability and ease-of-use. The migration is scheduled to become effective 6/1/22, at which point CCEF will officially become the program sponsor and manager of RENU.
While the migration to CCEF is a significant change for the RENU program, it should have minimal impact on our contractors and homeowners, as the most important elements of RENU will remain the same. Below is a brief list of what to expect.
What will change:
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Program sponsor - this will shift from the CEO to CCEF, meaning CCEF will be handling project reviews and contractor communication and management.
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This also means that currently authorized contractors will have to re-authorize with CCEF to join RENU. See details for this at the bottom.
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Eligible measures and loan caps - RENU will immediately be able to add battery storage and EV chargers as eligible measures (in addition to other new measures in the future) and will raise the loan maximum to $75k.
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Website - the CEO will continue to have a landing page for RENU but CCEF will look to establish a new, more functional website sometime in the future.
What will not change:
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Lenders - RENU is planning to continue its partnerships with Elevations, Clean Energy CU, and Westerra to provide RENU financing. More lenders may join.
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Interest rates and terms - RENU loan rates and terms will stay the same.
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Process - homeowners and contractors will go through the same loan approval and closing process, working directly with the credit unions.
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Logo and brand - CCEF will inherit the RENU logo and brand, which will continue to be used.
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Personnel - it is anticipated that the program's current program manager, Jeffrey King, will continue managing RENU by joining CCEF.
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Current projects - CEO and CCEF are coordinating with lenders to ensure that your projects in the pipeline will not experience any disruptions, so long as you get re-authorized under RENU by the 6/1 deadline.
Contractor Next Steps:
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Current authorized contractors will have to re-authorize with CCEF to remain authorized under RENU. This reauthorization process includes:
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Completing and signing an updated CCEF contractor application and agreement here.
- Adding CCEF as additional insured on your insurance policy using the address listed at the bottom of page one on the application and agreement.
- There is no need to submit licenses, certifications, BBB listings, etc. as that is all public information and can be transferred to CCEF.
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Between now and 6/1, please submit the signed application and agreement form and updated COIs to RENU@cocleanenergyfund.com to ensure seamless authorization status with RENU.
