go solar and save
Take advantage of these financial incentives to save big on your new commercial or residential solar power system. Currently there are a number of ways to save both locally and federally. See below for a list of financial incentives you can take advantage of RIGHT NOW to help you go solar powered.
SMPA Renewable Rebates:
Even as the cost of renewable energy systems continues to drop, SMPA supports our members' efforts by offering Renewable Energy Rebates in 2019.
Solar Photovoltaic Residential
Rebate amount: $0.25 per watt
Maximum amount: Up to 3kW or $750
Solar Photovoltaic Commercial
Rebate amount: $0.25 per watt
Maximum amount: Up to 10kW or $2,500
Residential Energy Upgrade (RENU) Loan Program:
The RENU Loan program is a statewide residential loan program sponsored by the Colorado Energy Office in partnership with Elevations Credit Union. It makes home energy upgrades easy and affordable by offering low-cost, long-term financing for energy efficiency and renewable energy improvements.
Colorado RENU Loan Terms:
Loans from $500 to $35,000
No money down, finance up to 100% of the project cost
Low, fixed interest rates
3-, 5-, 7-, 10- and 15-year terms
What can you finance? Project types include:
Space heating & cooling
Insulation & air sealing
Energy analysis & monitoring
Windows & doors
ENERGY STAR appliances
Solar PV & solar thermal
Colorado C-PACE Opportunity:
Colorado C-PACE is a state-sponsored program that helps building owners and property developers access private-sector financing for the installation of energy efficiency, water conservation, and renewable energy improvements. Spearheaded by the Colorado Energy Office and overseen by the New Energy Improvement District, also known as “NEID” or “the District,” Colorado C-PACE projects lower energy and water costs, increase renewable energy deployment, reduce greenhouse gas emissions, and create local jobs.
C-PACE is economically attractive because it offers up to 100 percent financing for existing building retrofit projects and up to 20 percent financing for new construction projects, with terms that extend up to 25 years. In addition, since the financing is tied to the property, the owner is typically not required to sign a personal guarantee. Best of all, well-designed projects are often cash-flow positive, meaning the energy cost savings outweigh the C-PACE payments.
Solar Investment Tax Credit:
The Investment Tax Credit (ITC) is currently a 30 percent federal tax credit claimed against the tax liability of residential (Section 25D) and commercial and utility (Section 48) investors in solar energy property. The Section 25D residential ITC allows the homeowner to apply the credit to his/her personal income taxes. This credit is used when homeowners purchase solar systems outright and have them installed on their homes. In the case of the Section 48 credit, the business that installs, develops and/or finances the project claims the credit.