WHAT IS THE RESPONSIBILITY OF THE PROPERTY OWNER WHO USES EFFICIENCY MAINE FINANCING TO MAKE ENERGY EFFICIENCY IMPROVEMENTS?

A property owner will be obligated to use the loan funds for energy efficiency improvements and to repay the loan for the shorter of either: 1) the agreed upon term of the loan or (in the case of a Maine PACE Loan) 2) the period of time in which the owner continues to own the property (if the homeowner sells the property, then the new owner takes on the responsibility for loan repayment).