Efficiency Maine Introduces Statewide Financing Options to Eligible Small Businesses Upgrading Heating and Cooling Systems
Augusta, Maine – April 15, 2021 – Efficiency Maine today announced it is offering financing options to eligible small business owners upgrading to high-performance heat pumps and variable refrigerant flow (VRF) systems. Any business that is registered as a “Small General Service” (SGS) or “General Service” (GS) electricity customer may be eligible for these loans.
Eligible businesses must have a peak electrical demand of 25kW or less (SGS or GS, depending on the utility territory). For more information, businesses can click here to see a bill example. Businesses also must have a Creditsafe Credit Score of at least 43 or, if a Creditsafe score cannot be generated, the business may provide a personal guarantee, proof of operations for more than 24 months, and a current electric bill with no past-due balance.
“Small businesses in Maine come in many shapes and sizes, and most have energy saving opportunities,” said Rick Meinking, senior program manager for commercial initiatives at Efficiency Maine. “Knowing that high-performance heat pumps and VRF projects may save them energy and help reduce their operating costs, we’re excited to offer heat pump incentives and loan options that may benefit small businesses.”
Loan options for small business heat pump projects are available up to $10,000 at a 4.99% annual percentage rate (APR), requiring no money down and no closing fees. The term of the loan may be either 12 months, 24 months, or 36 months. There is no prepayment penalty. Interested businesses can apply online here. For information on incentives for heat pumps and VRF systems see https://www.efficiencymaine.com/at-work/heating-and-cooling-solutions/.
Upgrades must be installed by an Efficiency Maine Qualified Partner, which can be found using the vendor locator tool on the Efficiency Maine website. Efficiency Maine has partnered with suppliers and contractors to install thousands of energy efficiency projects receiving cash incentives. It has designated some of the state’s most experienced vendors, contractors, suppliers and energy professionals that install energy-efficiency equipment as Qualified Partners.
Efficiency Maine’s Commercial and Industrial (C&I) Prescriptive Program offers fixed incentives to reduce the cost of projects and to improve energy efficiency for various sectors, including businesses, municipalities, schools and higher education facilities, manufacturing and other industrial facilities, as well as other non-residential facilities, and multifamily and condominium buildings with five or more units.
To learn more about the Efficiency Maine C&I Prescriptive Program and how to maximize its benefits visit https://www.efficiencymaine.com/at-work/ci-prescriptive-incentive-program/.
About Efficiency Maine Trust
Efficiency Maine Trust is the independent administrator for programs to improve the efficiency of energy use and reduce greenhouse gases in Maine. The Trust does this primarily by delivering financial incentives on the purchase of high-efficiency equipment or changes to operations that help customers save electricity, natural gas and other fuels throughout the Maine economy. The Trust is a quasi-state agency governed by a Board of Trustees with oversight from the Maine Public Utilities Commission. Visit efficiencymaine.com for more information.
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Kate Rankin, Senior Communications Manager
Efficiency Maine Trust