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.
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 | ||||
| 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 | ||||
| Heat Pumps – for space heating and cooling in which the project is not a heat pump/fossil fuel combination system (“dual fuel”). | Yes | Yes | Yes | Yes |
| Insulation and Air Sealing – Attic, wall, or basement insulation and air sealing in an area that is heated. | 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 $10, whichever is less | Yes | Yes | Yes | Yes |
| Terms & Rates | ||||
| Term Length (years) | 1 | 5 | 10 | 10 |
| Annual Percentage Rate (APR). Rates shown are as of today and are subject to change. Rates are fixed and interest is calculated using the simple interest, Actual/360 method. | 0% | 5.99% | 7.99% | 5.99% |
| The Amortization or Repayment schedule is monthly principal and interest payments. (Hover over “Yes” to see loan examples.) | Yes | Yes | Yes | Yes |
| Borrowing Amount | ||||
| Maximum Loan Amount ($) | $25,000 | $25,000 | $25,000 | $7,500 |
| Maximum unsecured borrowing amount (per borrower) when they meet the 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 borrowing amount (per borrower) when they have a Debt-to-Income Ratio (DTI) between 55% and 70% or a minimum average FICO score between 580 and 620. | N/A | N/A | N/A | $7,500 |
| Minimum Borrowing Amount | $0 | $0 | $0 | $0 |
| The maximum borrowing amount cannot exceed the eligible project costs. | Yes | Yes | Yes | Yes |
| 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. 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. | Yes | Yes | Yes | Yes |
| Funding Requirements | ||||
| All loan documents must be fully executed by the Borrower. | 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. | Yes | Yes | Yes | Yes |
| The project must be performed and installed in accordance with applicable program requirements. | Yes | Yes | Yes | Yes |
| The Financed Amount will be disbursed 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
Customer/Borrower will be required to execute a loan agreement and promissory note with Efficiency Maine. Additional terms and conditions may apply. Borrowers may be eligible to participate in different loan programs. Efficiency Maine will perform an underwriting review as part of each loan application process. Borrowers with a FICO score below 620 or a debt-to-income ratio (DTI) above 55%, if otherwise approved, will be subject to an aggregate borrowing cap of $7,500 across all residential programs. Borrowers with a FICO score of 620 or above and a DTI under 55%, if otherwise approved, will be subject to an aggregate borrowing cap of $25,000 across all residential programs. All loans are subject to approval. Program-specific loan caps and underwriting criteria may apply. A record of previous delinquency, default, or write-off may result in denial of credit. 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.
