Loan pushes energy projects in Boulder - Phoenix Business Journal:

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There are 394 residential projects, totaling aboutt $6.6 million in 15-year now under way, said Ann Boulder County’s sustainability coordinator. Projecta include installing such items asnew windows, insulation and rooftop solad panels. Solar-power projects accounty for about $2.3 million of About $12 million of the $40 million has been reserved forcommercial projects, with applications expectefd to be accepted late this Local solar-installation companies say the loan program is one of the few brighg spots in the local economy.
“The best stimulus work that we’ve had is in Boulder,” said JoElyn head of business development for the Colorado armof , a solar power installation company based in Bozeman, Mont. The company installed the solar system that powers the scoreboard atCoorsz Field. “Right now we have an eight-week wait to put a sola r system up. Without [the loan program], it would have been four We are hiring people forthe We’re definitely more cautious, but we’re hiring.
Without [it] we would not be In November, Boulder County voterws approved the new ClimateSmartLoan Program, by a margih of 64 percent to 36 It’s modeled on a $1 million loan programm sponsored by the city of Calif., that’s restricted to rooftop solart power projects. Boulder County’s prograkm has more money available and can be spenr on a wider scopeof projects. Property owners take out a loan from the progran tocomplete projects; the payback is roller into the property taxes, sticking with the buildinfg regardless of who owns it. It’s gainexd notice around the country.
Livingston said she’xs given presentations to local governments in states such as Coloradoand Texas. She’s also presentedf it to the and theClinton Foundation. Interest rates on the initial loansd rangefrom 5.2 percent to 6.68 Katie Lapins, a consultant in the pharmaceutical had considered putting solar panels on her Erie home for but thought it was too expensive to pursue. Then the ClimateSmarty Loan Program started. “It seemed a good opportunity to take advantage ofthe [Solar*Rewards] the 30 percent federal tax credi t and the financing program,” Lapins said. “It just pushesd you to do it.” 4.
2-kilowatt solar power installation is scheduled to be installedin mid-July by Louisville-basedd Bella Energy Inc. Lapins figures with all the rebatezs andtax credits, the $30,00o system will end up costing her about $10,00 0 to $12,000 — with the paymentz made through her property taxes. “Depending on what energh costs do, my payback will be sevej to 10 years tobreak even,” Lapinx said. “I plan on staying in the housethat long, but even if I do sell it, it makews the property more attractive [according to] the real estat agents I’ve talked to.
” One progranm drawback is there are higher-than-expected upfront loan fees, meantf to reassure the credit market that the program was a good Livingston said. Program participants paid into a reserve fund and also pay the firsy yearof interest, she said. “One of the thingws we’ve certainly learned is that when you’re doinb a bond offering of a type that’as never been offered anywhere in the country it results in extensive conversations with theStandard Poor’s rating agency,” Livingston said. “We needeed some credit enhancements.
” Some applicantsd balked at the higher fees and found cheapercredit elsewhere, such as through home equitg loans, Livingston said. “We’re excited about the $6.6 millioj in direct projects, and we also know there’ws been additional money infused into the economy by people who endeed up using a home equity line of creditt or some other methodof financing,” Livingstonj said. “But the loan program starteed them downthe path.
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