Home Energy Loans
Efficiency Maine offers a variety of home energy loans to help you pay for energy upgrades, all without fees and with interest rates as low as 4.99%. Maine homeowners can borrow as much as $7,500 for unsecured loans and $15,000 for secured loans.
Example Monthly Payment Chart
(4.99% APR fixed)
| Loan Amount | 5-Year Loan | 10-Year Loan | |
| 1 | $1,000 | $19 | $11 |
| 2 | $3,000 | $57 | $32 |
| 3 | $5,000 | $95 | $53 |
| 4 | $7,500 | $142 | $80 |
Eligibility
Participant
- Homeowners of any income (businesses are not eligible)
- Borrower must be a Maine resident
- Minimum credit score depending on loan type
- Maximum debt-to-income ratio depending on loan type
- No recent bankruptcies, foreclosures, or repossessions, depending on loan type
Building
- Residential building located in Maine. PACE loans only available in PACE Towns.
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 only be paid out to Registered Vendors.
Timeframe
- While funds are available. Loans have been available since 2011.
The Process
- 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 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. Maximum outstanding balance of $15,000 for secured PACE loans. Only one check per loan. Only PACE loans are eligible for advances (30%). Program and incentives subject to change or termination. Consult Efficiency Maine website to confirm current program terms, rebate availability, and forms. Must use current rebate form at time of submission. Incomplete information may delay or disqualify your loan.