- Did your neighbor get a new super-efficient ductless heat pump with NO money down – financed for ten years on their OPALCO bill? You are probably wondering how does Switch it Up work? How can I get in on it?
OPALCO has partnered with the federal Rural Energy Savings Program (RESP) to offer on-bill financing for specific energy efficiency measures to help our members save money and reduce their carbon impact.
In 2017, OPALCO was awarded $5.8M in RESP funds. Just like with our capital projects, OPALCO draws down the funds only after we can show how we used them. As of September 2019, we have borrowed $232K toward that initial award. In September, OPALCO was awarded another $15M in RESP funds! These funds are awarded at 0% interest – FREE MONEY! We can borrow all or none of the available RESP funds, depending on member interest in the program.
These funds are only allowed to be used for USDA-approved member energy efficiency/savings projects in San Juan County. With the second round of funding approved, the OPALCO Board will review the eligible measures and consider broadening the scope in 2020 to include member generated renewables (such as solar) and weatherization projects. Each measure must to connected to the members’ property.
OPALCO charges 2% interest for members participating the projects to cover administrative and regulatory costs ensuring that ONLY members participating in the use of RESP funds are the ones paying for the program.
Switch it Up! is our Co-op helping members to use energy wisely and save money while improving the overall condition, comfort and resale value of their homes and businesses. This is one of the many benefits of being a co-op! We are committed to building up the quality of life in San Juan County!