To help pay for energy efficiency upgrades, members of Elevations Credit Union will have access to a new suite of loans.
The $1.1 billion cooperative in Boulder, Colo., said the loans for businesses and homeowners are a part of the Elevations Energy Loan initiative, which is a partnership with Boulder EnergySmart and the Denver Energy Challenge.
The initiative is designed to provide property owners with a financing mechanism that is easy to access and cost effective and allows for the installation of energy upgrades and improvements, according to Elevations.
Rates for residential properties start at 2.75% annual percentage rate and commercial properties start at 3.75% APR. With a variety of terms, Elevations said the energy loan program extends the benefits beyond short-term rebates.
Dennis Paul, assistant vice president of Elevations, said administering the new loan program is a good fit for the credit union.
“We're a locally owned and operated financial institution, and our green credentials are pretty substantial. For us, it’s the right thing to do. We are thrilled to be a partner on this initiative,” Paul said.
Elevations serves more than 95,000 members.