Home Energy Loans
Efficiency Maine offers home energy loans to help income-eligible homeowners pay for energy upgrades, all without fees and with interest rates as low as 5.99%. Qualifying homeowners can borrow as much as $7,500 for unsecured loans. Prospective borrowers must first request eligibility verification here, and then receive approval.
In addition to income-eligible loans, Efficiency Maine is developing new loan products for any-income borrowers and will update its website once more information is available.
Example Monthly Payment Chart
(5.99% APR fixed)
| Loan Amount | 5-Year Loan | 10-Year Loan | |
| 1 | $1,000 | $19 | $11 |
| 2 | $3,000 | $58 | $33 |
| 3 | $5,000 | $97 | $56 |
| 4 | $7,500 | $145 | $83 |
Eligibility
Participant
- Homeowners who are income eligible (low- or moderate-income), as verified by Efficiency Maine by completing this form and receiving approval.
- Borrower must be a Maine resident and cannot be a business.
- Minimum credit score: 580
- Maximum debt-to-income ratio: 70%
- No recent bankruptcies, foreclosures, or repossessions.
Building
- Residential building located in Maine.
Upgrades
- Required: an upgrade eligible for an Efficiency Maine residential rebate (lifetime limits do not apply).
- 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
- Extended warranties for rebate-eligible upgrades (e.g., heat pumps)
- Electric vehicles not eligible
Installer
- Upgrades must be installed by an Efficiency Maine Residential Registered Vendor. Loans can be paid out only to Registered Vendors.
Timeframe
- While funds are available.
The Process
- Income eligibility verification – Request verification of income eligibility here and receive approval from Efficiency Maine.
- Credit qualification – Apply online or by phone (866-376-2463). You’ll be notified within 3 business days* whether you qualify or if additional documentation is required.
- Project eligibility confirmation – Mail or email your income-eligibility verification letter and a Loan Work Scope Form with a quote from an Efficiency Maine Residential Registered Vendor. If the project is eligible for a loan, you’ll receive documents showing the exact loan amount, payments, etc. within 3 business days* Note: homes older than 50 years take an additional 7 business days for historic review.
- Closing documents – Sign and email/mail the loan documents.
- Upgrade – Complete the energy upgrade.
- Rebate – Submit your rebate claim form. Within six weeks we’ll mail a rebate check to you or your Registered Vendor, whichever you choose.
- Loan payout – Mail or email us your signed Completion Certificate. We’ll send the loan amount to your Registered Vendor within 3 business days*.
*if all paperwork is complete
Terms and Conditions
Maximum outstanding balance of $7,500 for unsecured loans per borrower. Only one check per loan. Program and incentives subject to change or termination. Consult Efficiency Maine website to confirm current program terms, rebate availability, and forms. Incomplete information may delay or disqualify your loan.