Epic Homes secures ongoing loan funding

FORT COLLINS — The city of Fort Collins has approved new, 15-year loan agreements with Vectra Bank of Denver and the Colorado Energy Office for up to $3.25 million to support the city’s Epic Homes program.

Epic Homes is a public-private partnership designed to identify and improve energy inefficient single family homes and rental properties in Fort Collins, helping low- and moderate-income families who rent, as well as homeowners, rental property owners, and local contractors and suppliers who do the renovation work. 

The program leverages the city’s borrowing capacity and Fort Collins Utilities operational expertise to provide “on-bill financing,” allowing property owners to borrow money for energy upgrades at below-market rates for up to 15 years. Eligible projects include heating and air conditioning upgrades, insulation and air sealing, windows, ventilation, radon systems, and now solar photovoltaic systems. Property owners then repay the Epic Homes loans on monthly utility bills. 

Epic Homes was selected as one of nine champion city projects nationwide in the 2018 Bloomberg Philanthropies Mayors Challenge, winning $1 million to support the initiative.

The Colorado Energy Office was instrumental in helping Fort Collins launch the Epic Homes initiative, providing a $200,000 grant in 2018 and the new $800,000 15-year loan this month. The city also recently secured a $2.5 million loan with U.S. Bank to provide up to 10-year capital for the program.

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