Long-term care facilities are eligible for loans to cover the cost of a whole-building energy audit. The Efficiency Maine Green Bank provides this targeted financing opportunity using a federal grant through the U.S. Department of Energy’s Energy Efficiency Revolving Loan Fund Capitalization Grant Program (EERLF).
Note: For the subset of participants that have fewer than 500 employees and that implement a project under Funding Opportunity Notice (FON) for Long-Term Care Electrification Retrofits (FON-020-2025) within one year of completing the energy audit, Efficiency Maine will award an additional grant to pay off 100% of that original energy audit loan.
A summary of the Energy Audit Loan for Long-Term Care Facilities as of today appears below.
| Building Types | Existing licensed senior long-term care facilities in Maine, (including assisted-living facilities, continuing care communities, nursing homes, memory care facilities, and hospice facilities) that are heated primarily with oil, propane, or electric resistance systems. |
| Projects | Energy audits that satisfy the criteria outlined below under Energy Audit Requirements. |
| Contractor Requirements | Energy auditors must be an active Efficiency Maine Qualified Partner (QP). |
| Borrower | A business, nonprofit, or public organization that conducts a majority of its business in Maine and that operates an existing long-term care facility in Maine. The individual signing the loan documents must be an authorized representative of the organization with evidence of corporate authority. |
| Building Types | Projects | Contractor Requirements | Borrower |
| Existing licensed senior long-term care facilities in Maine, (including assisted-living facilities, continuing care communities, nursing homes, memory care facilities, and hospice facilities) that are heated primarily with oil, propane, or electric resistance systems. | Energy audits that satisfy the criteria outlined below under Energy Audit Requirements. | Energy auditors must be an active Efficiency Maine Qualified Partner (QP). | A business, nonprofit, or public organization that conducts a majority of its business in Maine and that operates an existing long-term care facility in Maine. The individual signing the loan documents must be an authorized representative of the organization with evidence of corporate authority. |
| Fees ($) | There are no application, origination, or pre-payment fees. Late payment fee: 5% of amount due or $10, whichever is less. Non-sufficient funds fee: $25 per occurrence. |
| Maximum Borrowing Amount ($) | The maximum loan amount is $20,000. The borrowing amount per loan cannot exceed the energy audit costs. There is no minimum borrowing amount. |
| Term Length | 3 years. |
| Interest Rate | 4.99% Annual Percentage Rate (APR). Rates shown are as of today’s date and are subject to change. Rates are fixed and interest is calculated using the simple interest, Actual/360 method. |
| Amortization or Repayment Schedule | During the first year, Borrowers will repay the loan in monthly installments of interest only. During the second and third years, Borrowers will repay the loan in monthly installments of principal and accrued interest. Borrowers cannot make voluntary prepayments during the first year unless they receive a grant from Efficiency Maine to do so. |
| Collateral Requirements | These are unsecured loans based solely on the Borrower’s creditworthiness. No lien or security interest in real property or equipment is required. |
| Funding Requirements | In order for a loan to be disbursed:
The loan amount will be disbursed directly to the Borrower at project completion. |
| Fees ($) | Maximum Borrowing Amount ($) | Term Length | Interest Rate | Amortization or Repayment Schedule | Collateral Requirements | Funding Requirements |
There are no application, origination, or pre-payment fees. Late payment fee: 5% of amount due or $10, whichever is less. Non-sufficient funds fee: $25 per occurrence. | The maximum loan amount is $20,000. The borrowing amount per loan cannot exceed the energy audit costs. There is no minimum borrowing amount. | 3 years. | 4.99% 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. | During the first year, Borrowers will repay the loan in monthly installments of interest only. During the second and third years, Borrowers will repay the loan in monthly installments of principal and accrued interest. Borrowers cannot make voluntary prepayments during the first year unless they receive a grant from Efficiency Maine to do so. | These are unsecured loans based solely on the Borrower’s creditworthiness. No lien or security interest in real property or equipment is required. | In order for a loan to be disbursed: All loan documents must be fully executed by the Borrower. The loan amount will be disbursed directly to the Borrower at project completion. |
Program terms are subject to change or termination.
The energy audit must be an ASHRAE Level II Audit or equivalent. Specifically, it must:
