City Offers New Loan Program to Spur Energy Upgrades for Rental Properties
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- Sean Carpenter, Climate Economy Advisor, 970-416-4236, email@example.com, Website: https://www.fcgov.com/business
Fort Collins Utilities has launched a new loan program to help residential property owners make their homes more efficient through a financial partnership with the Colorado Energy Office and Bloomberg Philanthropies.
The new EPIC Loan program is open to all eligible single-family attached and detached properties served by Fort Collins Utilities. The City offers affordable financing via EPIC Loans, which can be repaid on the owner’s portion of the utility bill over three to 20 years, a type of loan known as on-bill financing.
The City aims to address community equity and wellbeing by targeting older, less efficient rental properties where many low and moderate-income families live.
EPIC leverages the Fort Collins Efficiency Works Home program to provide a straightforward and cost-effective process to make older homes more efficient, from an initial energy assessment to final project completion. The City partners with local, pre-screened and experienced efficiency contractors that offer standardized pricing.
Funding for the EPIC Loan program is provided by third-party sources, not Fort Collins Utilities ratepayers.
Bloomberg Philanthropies awarded the City a $100,000 grant to develop the program. Fort Collins is one of 35 Champion Cities selected from 320 applications from around the United States, as part of the 2018 U.S. Mayor's Challenge, which provides grants and technical assistance to city leaders who are solving urgent problems in their communities.
Additionally, the Colorado Energy Office has provided Fort Collins Utilities with a $200,000 grant and $1 million in loans.
"The Colorado Energy Office shares Fort Collins’ belief that everyone deserves the chance to improve the energy efficiency of their homes for the wellbeing and overall health of the community,” said Kathleen Staks, Executive Director of the Colorado Energy Office. “The Energy Office is proud to support the development of Fort Collins’ EPIC On-Bill Finance program, which will enable property owners serving low-to-moderate income residents to obtain much needed capital with which to improve the efficiency of their homes.”
For more information or to apply for a loan, go to https://www.fcgov.com/utilities/residential/conserve/financing or contact Kim DeVoe, Energy Services Engineer, at firstname.lastname@example.org.