Home Energy Loans
Efficiency Maine offers a variety of home energy loans to help you pay for energy upgrades. Maine homeowners can borrow up to $15,000 over 10 years with no fees and interest rates as low as 4.99% APR.
Monthly Payment Chart
(4.99% APR fixed)
| Loan Amount | 3-Year Loan | 5-Year Loan | 10-Year Loan | |
| 1 | $2,500 | $75 | $48 | $27 |
| 2 | $4,000 | $120 | $76 | $43 |
| 3 | $5,000 | $150 | $95 | $53 |
| 4 | $7,500 | $225 | $142 | $80 |
| 5 | $10,000 | $300 | $189 | $106 |
| 6 | $12,000 | $360 | $226 | $127 |
| 7 | $15,000 | $450 | $283 | $159 |
Eligibility
Participant
- Homeowners of any income (businesses are not eligible)
- 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
- Single-family home, 2- to 4-unit apartment building or 2- to 4-unit condominium
- Building is principal, year-round residence for occupants, NOT a seasonal, second, or vacation home/rental
- 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: 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
Timeframe
- While funds are available. Loans have been available since 2011.
The Process
- Credit approval – Apply online or by phone (866-376-2463). You’ll be notified if additional documentation is required.
- Project approval – 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.
- 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.
Terms and Conditions
No limit on the number of homes or loans. Maximum outstanding balance of $15,000 per borrower. Only one check per loan. No down payments or advances. 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.