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You may feel intimidated by the process of applying for an energy loan, but it’s surprisingly easy. And at Elevations, we’re here to support you every step of the way. Home energy loans can be used for projects big or small; the minimum amount Elevations will finance for a home energy loan is $500. These five steps will help you go green with solar panels, new energy-efficient windows or other projects.
1. Find a Colorado RENU-authorized contractor.
We’re one of the only credit unions providing energy loans under the Colorado Residential Energy Upgrade (RENU) Loan program.
Before starting your project, review this list of ~100 RENU-authorized contractors. See who is nearby and specializes in your type of project. Then, you can reach out to start a conversation.
2. Submit your energy loan application.
You can then complete an Elevations energy loan application. Within a few days of submitting your application, you should receive a confirmation email and a request to upload supporting income documents. We’ll give more details on that in the next step.
Once you’ve uploaded your income documents and received the contract agreement you have for the work, it will typically take about 1-3 weeks for the Colorado Clean Energy Fund (CCEF) to review your contractor’s proposal and respond with an official approval or next steps. If the CCEF approves your project, we’ll let you know.
If you have any questions throughout the process, feel free to call us at 800.429.7626.
3. Gather your supporting information.
While your application is pending approval, we will reach out for one of the the following documents in order to verify your income:
- W2 employee: Your most recent paystub
- Self-employed: Your most recent year’s tax return
- Retired/other: Your most recent monthly income statement
We will send you an email with a link to securely upload these documents. The email will also include the preliminary terms of your energy loan, including rate, term, payment, and fees.
4. Gain approval through your participating energy loan program.
Once the application is approved, it’s good for 180 days. After that time, applicants would need to re-submit income documents, have another credit check and would be subject to any rate changes.
5. Get started on your project.
Once your project has been approved, you will need to become an Elevations member if you aren’t already. After membership approval and loan closing, Elevations will use your loan proceeds to pay your contractor directly. Typically, you will schedule and complete the project with your authorized contractor and email the final invoice to Elevations when the project is completed. You will also need to review and sign loan closing documents. These documents will be emailed to you securely, and you may opt to schedule a closing at one of our branches.
Fund your home energy project.
Whether you’re looking to update your electrical system to allow for a home charging system or replace your windows with more efficient options, you can fund your home energy project locally.
Learn more about Elevations energy loans today. If you have any questions, please give us a call at 800.429.7626. We look forward to helping you save money and care for this beautiful place we call home with an Elevations Energy Loan.
Read more about home energy loans:
💡 Which projects qualify for a home energy loan?
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