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What is the ClimateSmart™ Loan Program?

During 2009 and 2010, the ClimateSmart Loan Program offered loans to Boulder County residential and commercial property owners to fund energy efficiency and renewable energy property improvements.

What is the ClimateSmart™ Loan Program?

Given that over half of Boulder County's greenhouse gas emissions come from existing buildings (both homes and businesses), the ClimateSmart Loan Program is an effective voluntary based approach to reducing our greenhouse gas emissions—a major goal of the countywide Sustainable Energy Plan. In addition, the ClimateSmart Loan Program does more than just encourage property owners to implement energy efficiency and renewable energy measures; it also generates green-collar jobs and stimulates the local economy. Nearly $6 million of the total money distributed in 2009 funded energy efficiency upgrades and almost $4 million went to renewable energy projects, which boosted the local economy and provided job opportunities for more than 280 installers, contractors and vendors.

In addition to the direct economic impacts, we are currently assessing the indirect impacts derived from the renewable energy and energy efficiency measures implemented through this program. Given that a vast majority of the work was completed by local contractors, vendors and installers, it is likely recirculation of project dollars within our community occurred (as compared to the approximately 75 cents on the dollar that leaves the community when residents and businesses pay their utility bills). Moreover, it is likely that the program generated homeowner interest in EE/RE measures, creating a ripple effect of work completed by property owners who were motivated by the ClimateSmart Loan Program educational workshops, but found other ways to finance their upgrades. Finally, 75% of the ClimateSmart Loan Program bonds were sold locally, providing excellent local green investment opportunities.

Moreover, the success of the ClimateSmart Loan Program helped generate interest in similar PACE (Property Assessed Clean Energy) programs across Colorado and beyond. Such programs have also received strong federal support, as Vice President Biden in 2010 announced over $80 million in stimulus funds to support local pilot programs around the nation. Due to Boulder County's success, the program was labeled Boulder County's "Brightest Idea of 2009" by The Boulder Weekly and has received positive attention from The Denver Post, USA Today, National Public Radio and President Obama's Office of Energy and Climate Change Policy.

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Over the course of 2009, the county had to build the ClimateSmart Loan Program from the ground up, reaching out to homeowners and contractors, creating applications, websites and workshops, dealing with legal nuances and a skittish bond market.

The voters had authorized the county to sell $40 million in bonds and use the revenue to make loans to homeowners and businesses for installing alternative energy and energy conservation technology