That seems incredibly cheap for the benefits. Colombia looks to have a GDP per capita about 1/10th of the US, so if we scale it up 10X...
I live in a relatively cold climate, and I would still be delighted to pay $2.50 a year for this kind of infrastructure development. Heck, even scaling it up 100X seems like it would be worth considering.
Maybe there's a cost I'm missing here, but for a hot city, the AC savings alone seem like they would be worth it, not to mention the 40% reduction in respiratory infections through increased air quality.