Implementing Sector: | State |
Category: | Financial Incentive |
State: | Maine |
Incentive Type: | Loan Program |
Web Site: | https://www.efficiencymaine.com/at-home/energy-loans/ |
Administrator: | Efficiency Maine Trust |
Funding Source: | Efficiency Maine Trust |
Start Date: | 04/04/2011 |
Eligible Renewable/Other Technologies: | Solar Photovoltaics, Biomass, Geothermal Heat Pumps |
Eligible Efficiency Technologies: | Water Heaters, Furnaces, Boilers, Heat pumps, Caulking/Weather-stripping, Duct/Air sealing, Building Insulation, Custom/Others pending approval, Insulation, HVAC |
Maximum Loan: | $15,000 |
Loan Term: | 5 or 10 years |
Interest Rate: | As low as 4.99% APR |
Efficiency Maine offers a variety of home energy loans to help customers pay for energy upgrades. Maine homeowners can borrow up to $15,000 over 10 years with interest rates as low as 4.99% APR. There are no additional fees associated with these loans.
Eligibility
Participant:
- Homeowners of any income
- Minimum credit score depends on loan type
- Maximum debt-to-income ratio depends on loan type
Building:
- 1-4 units
- Occupied year-round (not a vacation home, garage, or barn)
- Located in the state of Maine
Upgrades:
- Required: an upgrade eligible for a Home Energy Savings Program rebate
- Optional: Solar PV
- Optional: Health and safety measures if necessary to complete the upgrade (not to exceed 25% of the loan). For Example: 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
- Efficiency Maine Residential Registered Vendor
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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