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The green loan program proposed in Eagle County ballot question 1A appears to be the best chance out there to jump start a more substantial wave of energy-efficient home improvements.
We believe the risks of creating the program are low because it will only cost those who want to participate in the program, and those to whom participants may someday sell their homes. There are many potential benefits, such as making solar panels and better insulation more attractive to cost-conscious homeowners, of which there are many in the Vail Valley. Also, it will make funds available to homeowners who, through no fault of their own, might not otherwise be able get loans in today's ultra-tight credit environment.
Like some readers, however, we do have reservations about the county's ability to serve as an effective banker for this loan program.
But we don't believe it should kill an idea with a lot of upsides.
We will be among those who hold the county to rigorous standards if voters approve 1A and officials move forward with creating the program. And we, along with others, will demand transparency and watch carefully when the bonds are sought and the loans start going out to homeowners.
Also, there is some concern about whether Fannie Mae and Freddie Mac would be interested in buying mortgages with a green loan attached to the property taxes. But the loan is not being forced on anyone, nor is the bill for the program. The green loans are opt-in and will only cost those who take them on.
We have heard at least one local Realtor express concerns about reselling a home with a green loan attached to it, but the energy efficiency gained with the loan would likely be a selling point. In any case, no one would hold a gun to a homeowner's head. The program is entirely voluntary, a choice.
It makes sense for homeowners to choose to take on the loan in exchange for the energy savings their new home would enjoy thanks to the solar panels, insulation or other efficiencies installed.
Another benefit of creating the program is the workshops that come with it. Homeowners entering the program will be educated about the loans and the potential savings.
In Boulder, hundreds of homeowners who went through the workshops didn't seek loans from the county program (though hundreds of others did), but got loans privately and made energy improvements on their own.
Again, we like the idea that offering the green loans in Eagle County will bring about energy efficiencies inside and outside the program.
And while this program, if approved, may not entirely revive the local construction industry, each bit of work going to local contractors can only help as the local economy recovers.
We agree with those who say our homes should be more energy efficient and that we need quickly to cut down our consumption of the not-so-clean resources that produce our electricity. The backers of ballot question 1A have come up with a pretty good plan to achieve that.
Vail Daily Editorial Board
We believe the risks of creating the program are low because it will only cost those who want to participate in the program, and those to whom participants may someday sell their homes. There are many potential benefits, such as making solar panels and better insulation more attractive to cost-conscious homeowners, of which there are many in the Vail Valley. Also, it will make funds available to homeowners who, through no fault of their own, might not otherwise be able get loans in today's ultra-tight credit environment.
Like some readers, however, we do have reservations about the county's ability to serve as an effective banker for this loan program.
But we don't believe it should kill an idea with a lot of upsides.
We will be among those who hold the county to rigorous standards if voters approve 1A and officials move forward with creating the program. And we, along with others, will demand transparency and watch carefully when the bonds are sought and the loans start going out to homeowners.
Also, there is some concern about whether Fannie Mae and Freddie Mac would be interested in buying mortgages with a green loan attached to the property taxes. But the loan is not being forced on anyone, nor is the bill for the program. The green loans are opt-in and will only cost those who take them on.
We have heard at least one local Realtor express concerns about reselling a home with a green loan attached to it, but the energy efficiency gained with the loan would likely be a selling point. In any case, no one would hold a gun to a homeowner's head. The program is entirely voluntary, a choice.
It makes sense for homeowners to choose to take on the loan in exchange for the energy savings their new home would enjoy thanks to the solar panels, insulation or other efficiencies installed.
Another benefit of creating the program is the workshops that come with it. Homeowners entering the program will be educated about the loans and the potential savings.
In Boulder, hundreds of homeowners who went through the workshops didn't seek loans from the county program (though hundreds of others did), but got loans privately and made energy improvements on their own.
Again, we like the idea that offering the green loans in Eagle County will bring about energy efficiencies inside and outside the program.
And while this program, if approved, may not entirely revive the local construction industry, each bit of work going to local contractors can only help as the local economy recovers.
We agree with those who say our homes should be more energy efficient and that we need quickly to cut down our consumption of the not-so-clean resources that produce our electricity. The backers of ballot question 1A have come up with a pretty good plan to achieve that.
Vail Daily Editorial Board
