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.
Income-Based loan customers must have received approval within the last year before starting the loan application process.
When you click the link above, you will need to create an account with the Efficiency Maine Green Bank (if you have not done so already). Once logged in, your customer portal will provide you with instructions to assist in applying for financing.
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.
| 1-Year 0% APR | 5-Year 5.99% APR | 10-Year 7.99% APR | Income Based 10-Year 5.99% APR | |
| Customer/Borrower | ||||
| Loans available only for qualifying energy efficiency upgrades at qualifying property. Both subject project property and borrower’s Principal Residence1 must be in the state of Maine. | Yes | Yes | Yes | Yes |
| The borrower must be an owner or have an ownership interest in the property as an Individual Property Owner2 or a Partnership Property Owner.3 | Yes | Yes | Yes | Yes |
| The borrower, or a member of the household at the borrower’s Principal Residence, must be verified by Efficiency Maine as income-eligible (low- or moderate-income) by completing the form here and receiving approval within the last year. | No | No | No | Yes |
| Building Types | ||||
| The subject property must be a Residential Property (Single Family House, Two-Unit Duplex, Manufactured (Mobile) Home, or Condo Unit) located in Maine. | Yes | Yes | Yes | Yes |
| Equipment and Upgrades Note: Projects do not have to receive an Efficiency Maine rebate to be eligible for Home Energy Loans. | ||||
| Heat Pumps – for space heating and cooling in which the project is not a heat pump/fossil fuel combination system (“dual fuel”). To clarify, electric panel and electrical service upgrades are considered part of an eligible heat pump upgrade when they are required to complete the project. | Yes | Yes | Yes | Yes |
| Insulation and Air Sealing – Attic, wall, or basement insulation and air sealing in an area that is heated the entire heating season and is not part of the construction of a new home or addition. To clarify, windows are not eligible under the definition of Insulation and Air Sealing. | Yes | Yes | Yes | Yes |
Other Project Costs – Other Project Costs are only eligible for financing if they meet the below criteria:
| Yes | Yes | Yes | Yes |
| 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. | Yes | Yes | Yes | Yes |
| 1-Year 0% APR | 5-Year 5.99% APR | 10-Year 7.99% APR | Income Based 10-Year 5.99% APR | |
| Fees | ||||
| Origination Fee | $500 | $0 | $0 | $0 |
| Application Fee | $0 | $0 | $0 | $0 |
| Pre-Payment Fee | $0 | $0 | $0 | $0 |
| Non-sufficient funds fee (per occurance) | $25 | $25 | $25 | $25 |
| Late Payment fee of 5% of amount due or $10, whichever is less | Yes | Yes | Yes | Yes |
| Terms & Rates | ||||
| Term Length (years) | 1 | 5 | 10 | 10 |
| Annual Percentage Rate (APR). Rates shown are as of today and are subject to change. Rates are fixed and interest is calculated using the simple interest, Actual/360 method. | 0% | 5.99% | 7.99% | 5.99% |
| The Amortization or Repayment schedule is monthly principal and interest payments. (Hover over “Yes” to see loan examples.) | Yes | Yes | Yes | Yes |
| Loan Amount | ||||
| Maximum Loan Amount | $25,000 | $25,000 | $25,000 | $7,500 |
| Minimum Loan Amount | $0 | $0 | $0 | $0 |
| The maximum loan amount cannot exceed the eligible net project costs (the total cost of the project less the anticipated rebate amount). | Yes | Yes | Yes | Yes |
| Maximum Unsecured Consumer Borrowing Amount Depending on their creditworthiness, each residential borrower will have a maximum borrowing capacity from Efficiency Maine Green Bank across all residential programs (“Maximum Unsecured Consumer Borrowing Amount”). | ||||
| Maximum Unsecured Consumer Borrowing Amount (per borrower) when the borrower meets the following criteria: maximum Debt-to-Income Ratio (DTI) of 55% and minimum average FICO score of 620. | $25,000 | $25,000 | $25,000 | $25,000 |
| Maximum Unsecured Consumer Borrowing Amount (per borrower) when the borrower meets the following criteria: Maximum Debt-to-Income Ratio (DTI) of 70% and a minimum average FICO score of 580. | N/A | N/A | N/A | $7,500 |
| Underwriting Criteria | ||||
| Maximum Debt-to-Income Ratio (DTI) | 55% | 55% | 55% | 70% |
| Minimum average FICO score | 620 | 620 | 620 | 580 |
| A record of previous delinquency, default, or write-off may result in denial of credit. | Yes | Yes | Yes | Yes |
| Collateral Requirements | ||||
| Home Energy Loans are unsecured loans based solely on the Borrower’s creditworthiness. No lien or security interest in real property or equipment is required. Efficiency Maine takes a security interest in any Efficiency Maine rebates or incentives payable to the borrower. | Yes | Yes | Yes | Yes |
| Funding Requirements | ||||
| All loan documents must be fully executed by the Borrower. Unless expressly stated in writing, in the sole discretion of Efficiency Maine, loan documents must be fully executed within 60 days of the Credit Authorization document being executed. | Yes | Yes | Yes | Yes |
| Project Work Scope must be fully executed by the Borrower and Contractor. | Yes | Yes | Yes | Yes |
| Project Completion Certification must be fully executed by the borrower and Contractor. Unless expressly stated in writing, in the sole discretion of Efficiency Maine, the project must be installed within 120 days of receiving Notice to Proceed. | Yes | Yes | Yes | Yes |
| The project must be performed and installed in accordance with applicable program requirements. | Yes | Yes | Yes | Yes |
| Disbursements will be made directly to the Contractor on behalf of the borrower after project completion. | Yes | Yes | Yes | Yes |
Contact Information: info@efficiencymaine.com or call (866) 376-2463
To be routed to the proper representative, please clearly indicate that you are inquiring about loans and financing.
Customer/borrower will be required to execute a loan agreement and promissory note with Efficiency Maine. Additional terms and conditions may apply. Efficiency Maine will perform an underwriting review as part of each loan application process. Program and incentives subject to change or termination. Incomplete information may delay or disqualify your loan.
Efficiency Maine takes a security interest in any rebates or incentives payable to the borrower from Efficiency Maine. If Efficiency Maine intends to exercise their security interest in a payable Efficiency Maine rebate or incentive, Efficiency Maine will provide notice to the customer and contractor.
In the instance a borrower makes an unscheduled or extra payment that affects the principal of the loan, the original maturity date and payment schedule will be maintained, but the monthly payment amount will be reduced for the remainder of the term.
