Colorado PACE Financing
Congratulations, Colorado property owners! You live in a state that supports property tax solar financing.
How does Colorado’s financing work?
Colorado allows counties and municipalities to set up loans for renewable energy and energy efficiency improvements to be paid back through property tax payments over a 20-year period. The loans carry a fixed interest rate and stay with the house–so if you move, the next tenant continues to pay for the loan through property taxes. That means you don’t have to worry about paying for panels on a house that you don’t live in anymore.
That sounds great! How is Colorado able to do this?
Thanks to Colorado’s HB 1350 law, counties and municipalities can set up their own loan programs. Colorado’s Renewable Energy Finance Act (SB 51) expands the loans guaranteed by the state under the previously-enacted Colorado Clean Energy Finance Program (SB 184). SB 51 allows additional organizations such as credit unions to initiate loans; expands the number of companies that are certified as solar installers to participate in the program; and, for the first time, allows businesses to participate in the program.
Is the solar financing program available now?
So far, Boulder is the only county in Colorado that has taken advantage of this opportunity, but others are sure to follow. Keep your eye out for more locations popping up in the near future!