Energy Audit Loans for Long-Term Care Facilities

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 ultimately implement a project under Funding Opportunity Notice (FON) for Long-Term Care Electrification Retrofits (FON-020-2025), Efficiency Maine will award an additional grant to pay off 100% of that original energy audit loan.

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A summary of the Energy Audit Loan for Long-Term Care Facilities as of today appears below.

Eligibility

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.

Terms

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	Monthly principal and interest payments. There is no prepayment penalty.
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: All loan documents must be fully executed by the Borrower. Efficiency Maine must receive: A Proof of Completion document signed by the Contractor (Qualified Partner), confirming that the energy audit was performed in accordance with the Energy Audit Requirements (described below). A copy of the Energy Audit report. A copy of the Energy Audit invoice. 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.

Monthly principal and interest payments. There is no prepayment penalty.

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.
Efficiency Maine must receive:
A Proof of Completion document signed by the Contractor (Qualified Partner), confirming that the energy audit was performed in accordance with the Energy Audit Requirements (described below).
A copy of the Energy Audit report.
A copy of the Energy Audit invoice.

The loan amount will be disbursed directly to the Borrower at project completion.

Program terms are subject to change or termination.

Energy Audit Requirements

The energy audit must be an ASHRAE Level II Audit or equivalent. Specifically, it must:

Determine the overall consumption of energy of the facility of the eligible recipient.
Identify and recommend lifecycle cost-effective opportunities to reduce the energy consumption of the facility of the eligible recipient.
Identify the period and level of peak energy demand for each building within the facility of the eligible recipient and the sources of energy consumption that are contributing the most to that period of peak energy demand.
Recommend controls and management systems to reduce or redistribute peak energy consumption.
Estimate the total energy and cost savings potential for the facility of the eligible recipient if all recommended upgrades and retrofits are implemented, using software approved by DOE (see #6 below).
Be performed using energy audit software that includes BuildingSync (e.g., a standard format for conveying data), which is used by multiple energy audit software tools.
1. Commercial energy audit software tools using BuildingSync include ASHRAE, Audette, BrightPower, Buildee, AECOM, PSD, Maalka, Brand New Box, & others. (For information on industry collaborators and current adopters of BuildingSync, please click here.)
2. DOE recommends that energy auditors use the Audit Template software for audits of commercial and multifamily buildings to accomplish ASHRAE Level II Audits.
Be performed by an active Efficiency Maine Qualified Partner (QP).
1. Participants should use Efficiency Maine’s QP Locator Tool to search for an energy auditor in their area. (Select “ESCO/Auditor/Consultant” from the Provider Type drop-down menu.)