Clean Energy Financing

On-Bill Repayment with SMPA
Ridgway residents now have the option to use the Electrify and Save On-Bill Repayment Program to finance clean energy and energy efficiency upgrades. If you own your home and get your electricity from San Miguel Power Association (SMPA) then you can get an eligible measure installed and pay it back on your electricity bill- there's no credit check and no money down required!

• Who is eligible?
  • Any SMPA member who owns their home or business
• What can I finance?​
  • Air source heat pumps
  • Battery storage 
  • EV charging 
  • Geothermal heat pumps
  • Insulation and air sealing​
  • Water heating (electric and heat pump water heaters)
  • Windows and doors
• Up to how much can I finance? 
  • $75,000
• What are the rates and terms?
  • Rates are determined by the term that you choose!
    • ​3-year term: 4% rate
      
    • 5-year term: 4.25% rate
      
    • 7-year term: 4.5% rate
      
    • 10-year term: 4.99% rate
      
• Who can install my new measures?
  • ​Authorized contractors can offer the On-Bill financing and install the eligible measures.
  • Find a contractor near you!

RENU Loans
Aside from rebates and tax incentives, Ridgway homeowners are also eligible for low interest financing through the Colorado Renewable Energy Upgrade Loan (RENU) program. The RENU Loan is a statewide residential loan program sponsored by the Collective Clean Energy Fund in partnership with Colorado-based credit unions. 

• Who is eligible?
  • ​Colorado homeowners
• What can I finance?
  • Air source heat pumps
  • Battery storage 
  • EV charging 
  • Geothermal heat pumps
  • Insulation and air sealing
  • Solar Panels
  • Water heating (electric and heat pump water heaters)
  • Windows and doors​
• Up to how much can I finance? 
  • $75,000
• What are the rates and terms?
  • Rates start at 6.99% and terms are up to 20 years 
• Who can install my new measures?
  • ​Authorized contractors can offer the RENU financing and install the eligible measures.
  • Find a contractor near you!

To learn more go to cocleanenergyfund.com/products/residential-products/renu/

On-Bill Repayment Steps

1. Find an On-Bill Repayment-authorized contractor using the Directory OR ask your trusted handyman / contractor to become an authorized contractor by filling out this application.
2. The contractor will then begin the project application in the online portal and the team behind the scenes will find which rebates apply to you!
   
3. The contractor installs the eligible energy measure. 
   
4. You sign the closing package and SMPA adds the monthly charge to your utility bill. 
   
5. You enjoy your new clean energy or energy efficiency measure!
   

RENU Steps

1. Find a RENU-Authorized Contractor using the Directory
2. Review the current rates of the participating credit unions: Elevations Credit Union and Westerra Credit Union
3. The contractor installs the RENU eligible energy measure
4. You, as the homeowner, signs the loan closing documents when the installation is complete
5. Start enjoying your home energy improvements!