Say Yes to Energy Upgrades. We’re here to help.

Choose from the questions below for quick answers about PowerSaver loans. If you want to learn more, simply contact our Energy Programs experts at (970) 679-7454 today.

1. I want to make an improvement now. How long does the process take from start to finish?

2. How do I get a PowerSaver loan?

3. How do I find someone to do an energy audit?

4. Do you make referrals to contractors, or do I choose my own? Can I make the upgrade on my own, or do I have to use a contractor?

5. How do I know the PowerSaver loan is the best loan for me?

6. My bank offers home equity loans and lines of credit. What is different about PowerSaver?

7. How does the PowerSaver loan compare with refinancing?

8. What qualifies as an energy improvement?

9. Does my improvement have to be completed within a specific timeframe?

10. What can I expect from the initial and final energy audits?

11. How is the PowerSaver loan backed by the FHA/HUD?

12. How long will the PowerSaver loan be available? Can I think about it and apply next spring?

13. Why is it that not all banks offer the PowerSaver loan?

1. I want to make an improvement now. How long does the process take from start to finish?

That mostly depends upon you, the city or municipality you live in, and the auditors and contractors you select. The bank’s approval process can be completed in as little as two weeks if you are quick in responding to requests for documents. The limiting factor is the time to get an appraisal and energy audit. You can get started right now by completing our PowerSaver inquiry form (PDF).

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2. How do I get a PowerSaver loan?

The PowerSaver loan is a simple process. It begins by sharing key information with a Bank Colorado energy-lending expert through our PowerSaver inquiry form (download inquiry form PDF) or by calling (970) 679-7454. Once our loan officer has your information, he or she will assess whether PowerSaver is a good fit for your needs, explain any other options and take you through the complete application process.

Be sure that your ideal energy efficient upgrade meets the criteria set by HUD for PowerSaver loans by checking out this PDF from U.S Department of Housing and Urban Development

Next you’ll need an energy audit from a Building Performance Institute (BPI) certified auditor. Your auditor will provide you with specific recommendations on energy improvements, including their relative impact and a sense of the cost of each improvement.*

Finally, you’ll obtain bids for the energy improvements. We recommend that you get bids from at least two contractors—so you can compare pricing, timing, safety measures and other aspects of the project—but multiple bids are not required by the bank.

There are many ways to find contractors. If your region is served by Xcel Energy, they provide a database. Your municipality or city may also have their own list of contractors—like Colorado Springs and throughout Colorado with Black Hills Energy. Requirements and approved lists vary significantly from area to area and may overlap. Refer back to your local utility or municipality to see if there are recommended contractors in the area. As always, feel free to contact Bank of Colorado’s Energy Program’s expert to get more information at (970) 679-7454.

Once you have selected your contractor and have a finalized bid, your loan officer will work with you to determine the amount of loan necessary to complete your desired energy improvements. You’ll be sent your loan documents to sign and get notarized. Upon receiving the notarized documents, your loan officer will disperse half of the money that you have requested. Allow your contractor to complete the work and request the second half of the money. In many cities, there will be a post-improvement inspection to ensure that the improvements were done correctly. Ask your loan officer or energy auditor for details.

*Note: Depending upon the city or county you live in, you may be able to get your audit for free or at a reduced cost. Check with your city or municipality before scheduling your audit to learn more. If you need help finding the right contact in your area, just call Bank of Colorado’s Energy Programs experts at (970) 679-7454, and we’ll get you the information you need.

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3. How do I find someone to do an energy audit?

In most cities and counties there is a designated energy improvement expert that can provide the energy audit. That audit is often subsidized by the city or county, so be sure to check with them to see if you can obtain it at a lower cost.

You may choose to select any energy auditor that is certified by the Building Performance Institute. Find one here. You may also visit the Xcel Energy page to find an auditor from their official Home Energy Auditors list.

The audit must include a blower door test and an inspection by infrared camera. If you are in a remote area, and are having difficulty finding an energy auditor, please contact your loan officer for assistance.

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4. Do you make referrals to contractors, or do I choose my own? Can I make the upgrade on my own, or do I have to use a contractor?

All energy improvement work must be performed by a licensed contractor. Some cities and counties maintain a list of approved contractors that work within their city-sponsored program. However, any licensed contractor is permitted to perform the improvements. Bank of Colorado can make recommendations based solely on feedback from our customers, but we do not have official relationships with any contractors.

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