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HB25-1268 allows Coloradans to access low-interest financing for energy-efficient upgrades to their home through monthly repayments on their utility bills
DENVER, CO – The House today passed legislation to save Coloradans money on their utility bills. HB25-1268 would allow customers to finance energy-efficient upgrades to their homes through smaller monthly payments on their utility bill. HB25-1268 passed the House by a vote of 38-26.
“Many Coloradans want the savings, emissions reductions, and increased property values that come with making their home more energy-efficient, but can’t afford the upfront costs,” said Rep. Junie Joseph, D-Boulder. “This bill would make energy-efficient upgrades more affordable and approachable by allowing customers to finance upgrades over time. Our legislation is a win-win; it saves Coloradans money on their utility bills and helps move our state closer to our climate goals.”
“From heat pumps to water heaters, there are many energy-efficient upgrades that will increase the value of your home while decreasing energy costs,” said Rep. Meg Froelich, D-Englewood. “While the upfront cost of major energy-efficient upgrades can be intimidating, this legislation would allow customers to finance upgrades slowly through affordable and convenient monthly payments tacked on to their utility bill. HB25-1268 would save Coloradans money, reduce our reliance on fossil fuels and bring us closer to reaching our climate goals.”
HB25-1268 creates a utility on-bill program to allow customers to finance energy and efficiency upgrades to their homes through monthly repayments on their utility bills. Eligible upgrades include windows, doors, insulation, certain water heaters and heat pumps. Many Coloradans are interested in making energy-efficiency upgrades to their homes, but often cannot afford the large upfront cost. This bill allows customers to pay for their energy-efficient upgrades over time through low-interest monthly payments on their utility bills.
This bill aims to make energy-efficient upgrades more affordable and approachable while taking steps now to meet Colorado’s climate goals. HB25-1268 would require a utility company with more than 500,000 residential customers to set up and maintain an on-bill program to meet demand. Other utilities could benefit from the access to low-cost capital through voluntary participation.
Energy-efficient upgrades are one of the most effective ways to drive down utility costs and reduce strain on the electric grid. For example, homes with heat pumps, heat pump water heaters and updated insulation can save an average of $570 on their utility bills.
The House also passed HB25-1269 by a vote of 40-24. This bill, sponsored by Representatives Jenny Willford, D-Northglenn and Alex Valdez, D-Denver, would help commercial businesses reduce their environmental impact by making energy audits, consulting services, and energy use tracking software more available.