Smart loans OK’d in Eagle County
Vail, CO Colorado
EAGLE COUNTY –Initial funding for the voter-approved Energy Smart loan program was approved Tuesday by the Eagle County Board of Commissioners.
The program will provide fixed-interest loans to property owners for qualified energy improvements, such as installation of solar energy systems and replacement of inefficient windows, doors, furnaces and boilers. Program details are available at http://www.eaglecounty.us/energysmart. Applications will be accepted beginning next week.
While voters approved up to $10 million for Energy Smart, the program will initially be funded through $1 million from the county’s investment ledger. Property owners in unincorporated Eagle County, as well as within any town that has opted to participate in the program, will be able to apply for 15-year loans of up to $30,000 at an interest rate of 6 percent. A 1 percent origination fee will be due at the time of application submittal.
Any property owner participating in the program will be responsible for repaying the loan via a special property tax assessment. If the property sells, the special assessment can stay with the land or the special assessment can be paid off at any time without penalty. The program is voluntary and only affects those choosing to participate.
“The economic health of the county, as well as our quality of life, is entirely based on our natural environment,” said Commissioner Peter Runyon. “While we’ve implemented several larger-scale environmental initiatives, the Energy Smart program allows us to take a leadership role in promoting sustainable practices in the home.
“This program will benefit homeowners wanting an upgrade as well as a new sector of the economy – the emerging wave of contractors focused on energy improvements,” added Commissioner Jon Stavney.
For more information, contact Adam Palmer, environmental policy planner for Eagle County, at 970-328-8734 or email@example.com.