Epic Loan

1. Overview

The Epic Loan is available through Fort Collins Utilities to help owners of single‑family homes (including rentals of 4 units or less) make energy efficiency and electrification upgrades and install solar/battery systems. The Epic Loan is part of the Epic Homes program. Visit the Epic Homes program page to learn more about free energy advising, discounted in-home assessments, rebates and more.

Key Benefits:

No money needed upfront.
Borrow up to $50,000.
Pay back through your utility bill.
Attractive interest rates.
Simple, fast application.
Loans available up to 100% of the qualifying project cost.
Easy, streamlined process for rental properties.

Who Can Apply?

Available to:
- Single‑family homes, attached homes (side‑by‑side, over/under), rental properties.
- Individually-owned condos (but only for heating/cooling projects).
Must be a current Utilities electric customer with utility service in your name (electric or water). The primary account holder on a Fort Collins Utility account for which the loan will be associated must be on the loan application and closing documents.
Financial eligibility:
- Good payment history for 6 months.
- Minimum credit score: FICO 640.
- No bankruptcy/foreclosure/repossession in the last 5 years.
- Unpaid collections/judgements/tax liens must be ≤ $2,500.

What Projects Qualify?

Heating and cooling equipment rebated by Efficiency Works.
Residential solar PV and battery systems.
Insulation and air sealing measures rebated by Efficiency Works.
Windows and doors rebated by Efficiency Works.

All projects must qualify for rebates and be approved by Fort Collins Utilities. The project measures that qualify for a loan are listed as rebates on the Efficiency Works Homes website and the Residential Solar Rebates website.

Additional notes:

Can’t use the loan for projects already done (past work).
Over/under buildings are eligible for all project types, but the project must be done in the entire building.
Condo owners only have limited eligibility (HVAC only).

Rates and Repayment

Interest Rates (as of May 5, 2023):

Tier I (3 and 5 year term): 5.25%
Tier II (7 and 10 year term): 5.55%
Tier III (15 year terms): 5.95%

Interest rates are defined in the Epic Loan Product Guidelines(PDF, 586KB) as referenced in the Financial Officer’s Rules and Regulations, which adhere to the legal parameters and objectives established in the Fort Collins Municipal Code Section 26-720. Check the guidelines document for current info as loan guidelines (rate, terms) may change semiannually.

Loan repayment:

Payments collected through your monthly utility bill.
Loan payments are part of your bill as fixed amounts; extra payments count widely to your utility (credit toward all services).
NOTE: you cannot pay extra just toward the principal to reamortize, however you can pay the loan off in full early.

2. How to Apply and What Happens Next

Steps to apply for Loan:

Applying for a HVAC or solar project loan? Skip to step 2. All other projects need an Efficiency Works Homes assessment. Sign up for your assessment here!
Choose a qualified contractor from lists below:
- You must use an Efficiency Works Homes Participating Contractor for energy efficiency projects.
- You must use a Residential Solar program Participating Contractor for solar projects.
Submit loan application (online or via phone).
- Online application through the Impact Development Fund
- Via phone: call 970-494-2021
- - $49.90 for single applicant
  - $98.80 for joint applicant
After Approval
- Do the project with your loan money
- Or, request a repayment of funds you paid your contractor upfront as part of your loan.
Close the loan, funds go to the contractor once work is completed.
Your existing utility bill includes your loan repayment every month.

Monthly payment of principal and interest will be collected by the City of Fort Collins Utility Billing Office as a line item on the borrower’s City of Fort Collins monthly utility bill. Any additional payment amount cannot be made against just the loan principal or re-amortize the loan. All payments made exceeding the utility account balance are applied to all services equally as a credit.

Schedule an Assessment

Apply for the Epic Loan

3. Frequently Asked Questions

General Loan FAQs

How do I determine the remaining balance on my loan?

Reach out to our Utilities Billing Group by emailing utilitiesbillinggroup@fortcollins.gov

Can renters apply?

No, the loan is only for property owners. However, rental property owners can apply for rentals.

How much can I borrow?

You can borrow up to $50,000 per eligible property. Loans cover up to 100% of qualifying project costs.

Do I have to pay anything upfront?

No. The loan covers the full cost of the project (up to $50,000). You repay it monthly through your utility bill.

Can I make extra payments to pay off the loan faster?

Not currently. Because our billing system is designed for utility bills, on-bill financing with the Epic Loan is a recurring utility bill payment with a set schedule. Any payment toward your utility bill that is in excess of what is owed will become a credit that is then automatically applied to cover the following month’s utility bill. The billing system is not equipped to make separate payments to pay down principal on your loan. You may, however, pay off the loan in it’s entirety if you choose. Please email utilitiesbillinggroup@fortcollins.gov if you would like to pay off your loan in full.

Can I apply for more than one Epic Loan?

Only one Epic Homes Loan is allowed per property. Once your loan is paid off, you may apply again.

Can I apply for an Epic Loan for both my home and for rental property that I own?

Yes, you can have one Epic Loan per premise.

If I want to do another project, can you accommodate additions to existing loans?

No, not at this time.

If I end up needing another options, are there other loan options?

Yes, the RENU program is one option to help fill any gaps.

What happens if I sell my home before the loan is paid off?

The borrower must pay off the loan before selling the property.

4. Contractor Information

For a customer to get an Epic Loan, they must work with a listed contractor registered with Fort Collins Utilities or Efficiency Works.
As the contractor, you provide bids for the work that the customer wants to do. The loan funds are paid directly to the contractor after work is completed and inspected.
Contractors must follow local building codes and project specifications from the loan program.
For contractor registration or questions, contact Fort Collins Utilities at epichomes@fortcollins.gov.
Interested in becoming an Efficiency Works registered contractor? Contact Homes@EfficiencyWorks.org.

What qualifies for an Epic Loan?

There are two main pathways for Epic Loans:

Rebate projects that are approved through Efficiency Works Homes will qualify for a loan. This includes anything required in the scope to complete the work (health and safety prerequisites, electrical upgrades, etc.).
Similarly, all Fort Collins Utilities approved solar rebate projects will qualify for a loan.

*Loans must be pre-approved before work begins and the customer must submit contractor bids with their pre-approval application.

What is the benefit of Epic Home Loan to my customers?

Lower rates: Epic Loans can reduce interest rate costs by hundreds or even thousands of dollars over the life of a loan.
Epic Loans also offers on-bill financing: E Source national survey found 2/3 of utility customers prefer to pay for energy upgrades/products on existing bills.
The eligibility criteria are more inclusive than other loan programs for customers with lower credit scores. Customers who may not qualify for other low-interest loans could qualify for an Epic Loan.
Epic Loans has no impact on property investor debt to income, making it a great option for rental property owners.

Does the Epic Loans approve funding for gas equipment?

The only situation where gas equipment is approved to be funded for an Epic Loan is when an Efficiency Works Homes contractor installs an approved heat pump as the primary source of heating and pairs that heat pump with a gas furnace as the backup.

What is the best way to provide information about Epic Home Loans to my customers?

Customers can find information on this page for an overview of the program and to learn about the Epic Loan.

For additional questions, they can contact us by emailing epichomes@fortcollins.gov or calling 970-416-4239.

Some service providers prefer to include a link in their proposals to this website for Fort Collins Utilities electric customers. Be sure to ask if they are Fort Collins electric customers.

What is my role, as the contractor, in the Epic Loan application and closing process?

Provide a bid and an invoice to customer for qualifying rebated measures.

Who pays you, the contractor, for Epic Loan work?

The Impact Development Fund (IDF) administers the program on behalf of Fort Collins Utilities. Payments for Epic Loan projects are reliable and timely compared to payments directly from customers. The only exception might be when multiple service providers are funded on the same loan. See next question for details.

When does the contractor receive payment?

Payment is sent once all work covered by the loan has been completed by all contractors involved. For example, if one contractor is responsible for air sealing and another for installing a heat pump, neither will be paid until both projects are completed.