Efficiency Maine - Home Energy Loans

September 19, 2023

Summary

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.