RENU Loan Customers
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
All of these situations are great candidates for the RENU Loan.
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:
- Work with a RENU-authorized contractor to identify qualifying energy improvements and a project cost estimate for your home.
- Apply for the loan through Elevations Credit Union online at www.elevationscu.com/energyloans 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
- Schedule work directly with contractor.
- Contractor installs approved measures.
- Once work is complete, contact Elevations. Elevations will send you the loan closing documents which you can sign electronically or in person.
- Your contractor will electronically sign an affidavit stating the work is completed. Elevations will pay the contractor directly.
- Start enjoying your home energy improvements and begin repaying the loan directly to the lender.
For any questions, please contact: Jeffrey King, Colorado Energy Office Business Development Manager, 303-866-2259.