| Program | Efficiency Maine - Home Energy Loans |
|---|---|
| Category | Financial Incentive |
| Implementing sector | State |
| Last Update | |
| State | Maine |
| Administrator | Efficiency Maine Trust |
| Website | http://www.efficiencymaine.com/at-home/energy-loans/ |
| Start Date | |
| Sectors | Residential |
Efficiency Maine offers a variety of home energy loans to help customers pay for energy upgrades. Maine homeowners can borrow up to $7,500 over 10 years with interest rates fixed at 5.99% APR. There are no additional fees associated with these loans.
Eligibility
Participant:
- Homeowners of any income (businesses are not eligible)
- Borrower must be a Maine resident
- Minimum credit score depends on loan type
- Maximum debt-to-income ratio depends on loan type
- No recent bankruptcies, foreclosures, or repossessions, depending on loan type
Building:
- Located in Maine, PACE loans only available in PACE Towns
Upgrades:
- Required: an upgrade eligible for a Home Energy Savings Program or Low-Income Initiative rebate
- Optional: Health and safety measures if necessary to complete the upgrade (not to exceed 25% of the loan). Examples include: moisture/radon mitigation before air sealing, vermiculite removal before insulation, knob and tube wiring removal before insulation, leaky roof repairs before attic insulation, chimney lining before boiler/furnace replacement, electrical panel upgrade before heat pump installation
Installer:
- Upgrades must be installed by an Efficiency Maine Residential Registered Vendor. Loans can only be paid out to Registered Vendors.
Timeframe:
- While funds are available. Loans have been available since 2011.
For more information, and to apply for a loan, go to Efficiency Maine's website.
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