Letter to the Editor, Boulder Daily Camera

14 Feb

I haven’t verified the validity of the information in this post, but thought it was interesting and maybe worth researching!

ClimateSmart

Program is a

waste of money

I borrowed money via the ClimateSmart loan program back in 2009 thinking that it was a great way to finance energy improvements to my house. In my case windows and insulation upgrades. I am now selling my house and need to pay off the loan.

Imagine my surprise when I saw that the program added about 16 percent in fees to the principle of the loan! If Boulder County were a credit card company, they would be hauled in front of Congress and rightly criticized for gouging and misleading their customers.

The ClimateSmart program was touted as a way to get inexpensive loans to help homeowners improve the carbon footprint of Boulder County. Instead it has become the most expensive homeowners’ loan I have ever had. I’ve owned four houses over the last 18 years and ClimateSmart’s effective interest rate is equal to the 9.4 percent loan on first home back in 1994. Even worse, the 16 percent in fees are effectively an early payoff penalty.

If there is any discussion of continuing this plan, please remember this awful management of the program and don’t renew it. Underwriting home loans written by private sector banks will likely result in far better deals for the people of Boulder County.

JV RUDD

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2 Responses to “Letter to the Editor, Boulder Daily Camera”

  1. Anonymous February 14, 2012 at 5:43 PM #

    Like BuildSmart, this is another good example of the complete lack of concern for economics on the part of the dictatorship running Boulder County.

  2. kristie February 16, 2012 at 1:14 PM #

    Wow!! Seems criminal! How are the good people of Boulder County letting them get away with this….seems like it is just more greed….rather than a true desire to help the environment and help the County’s citizens improve their lives.

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