Colorado Energy Office RENU Loan Program

Hot Water Now is an Approved RENU Contractor

Colorado Residential Energy Upgrade (RENU) Loan

The RENU Loan program is a statewide residential loan program, sponsored by the Colorado Energy Office (CEO), that makes home energy upgrades easy and affordable by offering low-cost, long-term financing for energy efficiency and renewable energy improvements.

RENU Loan

Why get a RENU Loan?

  • You are purchasing ENERGY STAR appliances for your home
  • You want to install some energy-efficiency or renewable energy improvements to your home
  • Your furnace, AC, or water heater just broke and you need to replace it

With the RENU Loan, you can:

  • Avoid putting expenses on a high-interest credit card
  • Finance an emergency equipment replacement (such as an air conditioner, water heater, or furnace)
  • Afford more comprehensive energy retrofits or renewable energy upgrades
    • Stop wasting energy
    • Lower your utility bills
    • Make your home more comfortable and less drafty
    • Help green your home and do something good for the environment
  • Take advantage of a quick and 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:

  • You can finance 100% of project costs
  • Fixed, low-interest loans are available from $500 to $35,000 and 15-year terms
  • There are no pre-payment penalties
  • Interest rates start at 2.75% for FICO scores of 740+ and a 36-month term
  • Borrowers approved with credit scores as low as 580
  • Loan fees range from $44 to $84

How to get started:

  • 1. Work with a RENU-authorized contractor to identify qualifying energy improvements and a project cost estimate for your home.
  • 2. Apply for the loan through Elevations Credit Union online or by calling 800-429-7626. (Customers may seek pre-approval from Elevations prior to engaging with an authorized contractor.)
    • Fill out the loan application
    • Get pre-approval from Elevations
    • Provide contractor quote and requested loan documentation to Elevations (verification of income, etc.)
    • Receive final loan and project approval
  • 3. Schedule work directly with contractor.
  • 4. Contractor installs approved measures.
  • 5. Once work is complete, contact Elevations. Elevations will send you the loan closing documents which you can sign electronically or in person.
  • 6. Your contractor will electronically sign an affidavit stating the work is completed. Elevations will pay the contractor directly.
  • 7. Start enjoying your home energy improvements and begin repaying the loan directly to the lender.

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RENU Loan

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