Efficiency Maine offers home energy loans to help homeowners pay for qualifying energy upgrades. Low- and moderate-income households may qualify for lower interest rates if they meet certain criteria. To qualify for income-based loans, prospective borrowers must first request eligibility verification here, and then receive approval.
Contractors who would like to offer Efficiency Maine Home Energy Loans to their customers can find information about getting started here.
A summary of current Home Energy Loan Options appears below.
Any-Income Home Energy Loan | Income-Based Home Energy Loan | |
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Building Types | The subject property must be a Residential Property (Single Family House, Two-Unit Duplex, Manufactured (Mobile) Home, or Condominium) located in Maine. | The subject property must be a Residential Property (Single Family House, Two-Unit Duplex, Manufactured (Mobile) Home, or Condominium) located in Maine. |
Equipment and Upgrades | The following equipment and upgrades are eligible for this loan:
A maximum of 25% of the amount financed may be used for other required health and safety upgrades necessary to complete the project. | The following equipment and upgrades are eligible for this loan: The upgrade must be eligible for an Efficiency Maine residential rebate (lifetime limits do not apply).
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Contractor Requirements | Upgrades must be installed by an Efficiency Maine Residential Registered Vendor (RRV). The Financed Amount will be disbursed directly to an RRV on behalf of the Borrower at project completion. | Upgrades must be installed by an Efficiency Maine Residential Registered Vendor (RRV). The Financed Amount will be disbursed directly to an RRV on behalf of the Borrower at project completion. |
Customer/Borrower | The Borrower’s Principal Residence must be in Maine. Borrower must be one of the following:
| The Borrower’s Principal Residence must be in Maine. Borrower must be ALL of the following:
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Any-Income Home Energy Loan | Income-Based Home Energy Loan | |
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Fees ($) | There are no application, origination, or pre-payment fees associated with Any-Income Home Energy Loan.
| There are no application, origination, or pre-payment fees associated with Income-Based Home Energy Loan.
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Maximum Borrowing Amount ($) |
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Term Length(s) | 5 or 10 years. | 5 or 10 years. |
Interest Rate(s) | 7.99% Annual Percentage Rate (APR). Rates shown are as of today’s date and are subject to change. Rates are fixed and interest is calculated using the simple interest, Actual/360 method. | 5.99%. Rates shown are as of today’s date and are subject to change. Rates are fixed and interest is calculated using the simple interest, 30/360 method. |
Amortization or Repayment Schedule | Monthly principal and interest payments. There is no prepayment penalty. (The following example depicts the interest rate (APR), monthly payments, and total payments applicable for a $15,000 loan with a 5-year (60 month) term and interest rate (APR) of 7.99%: 60 payments of $304.86 and total payments of $18,291.60 over the term. If approved, your loan amount, interest rate, and monthly payment may differ from the example based on the length of term selected, creditworthiness, and other factors). | Monthly principal and interest payments. There is no prepayment penalty.
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Underwriting Criteria | Borrower (with Co-Borrower when applicable) must have:
| Borrower (with Co-Borrower when applicable) must have:
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Collateral Requirements | Home Energy Loans are unsecured loans based solely on the Borrower’s (and Co-Borrower’s, when applicable) credit worthiness and no lien or security interest in real property or equipment is required. The Borrower may be required to assign or grant to Efficiency Maine a security interest in any applicable program rebate, which would be applied toward payment of the loan principal. | Home Energy Loans are unsecured loans based solely on the Borrower’s (and Co-Borrower’s, when applicable) credit worthiness and no lien or security interest in real property or equipment is required. |
Funding Requirements | In order for a project to be funded:
The Financed Amount will be disbursed directly to an RRV on behalf of the Borrower at project completion. | In order for a project to be funded:
The Financed Amount will be disbursed directly to an RRV on behalf of the Borrower at project completion. |
Contact Information: info@efficiencymaine.com or call (866) 376-2463
Customer/Borrower will be required to execute a loan agreement and promissory note with Efficiency Maine. Additional terms and conditions may apply. Maximum outstanding balance of $25,000 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.
When a customer receives an Efficiency Maine rebate associated with a project that was financed by Efficiency Maine, the rebate may be applied as a payment to the balance of your loan. Unless otherwise confirmed with Efficiency Maine Green Bank, all rebates associated with the work scope of a Home Energy Loan will be applied as a payment to your remaining balance. This rebate payment will not affect the existing term of your loan but will reduce the monthly payment amount. If the amount of the rebate is greater than the remaining balance, the overage will be returned to you as the borrower.