Economic impacts from the Boulder County, Colorado, ClimateSmart Loan Program

This report examines the economic impacts (including job creation) from the Boulder County, Colorado, ClimateSmart Loan Program (CSLP), an example of Property-Assessed Clean Energy (PACE) financing. The CSLP was the first test of PACE financing on a multi-jurisdictional level (involving individual cities as well as the county government). It was also the first PACE program to comprehensively address energy efficiency measures and renewable energy, and it was the first funded by a public offering of both taxable and tax-exempt bonds. The first phase of the residential CSLP financed about $9.8 million in residential energy retrofits, most of which were completed in 2009. This report focuses on 598 project invoices and $9.0 million in project spending. The report provides a program overview and economic impact analysis of program spending and energy savings using an input-output (I-O) model. The report also provides a qualitative assessment of factors that affected the resulting economic impacts, and profiles some program participants and contractors. The analysis focuses on Boulder County benefits but also includes an assessment of associated statewide economic benefits.