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.
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.