This finance initiative of the Efficiency Maine Green Bank is designed to help municipalities and schools afford the remaining project cost after an Efficiency Maine rebate. Participants can finance these co-pays through a non-debt finance vehicle known as a “municipal lease.” The Efficiency Maine Green Bank pairs Efficiency Maine program participants with private, Maine-based lenders that provide this type of financing.
A municipal lease, sometimes referred to as tax-exempt lease purchase (TELP), is a contract that allows an entity to obtain the use of (or to purchase) equipment. A municipal lease is an effective alternative to traditional debt financing (bonds, loans, etc.) because it allows a public organization to pay for energy upgrades by using money that is already set aside in its annual utility budget. Essentially, the lessee uses utility bill savings to pay for the financing costs. For more information on municipal leases, please click here.
The selected lease provider and the applying municipality or school will agree on the terms of each lease.
Interested participants fill out the Efficiency Maine Green Bank’s online form to provide certain required intake information. This form also allows the applicant to request bids from multiple participating lenders that provide a municipal lease in the state of Maine. The lenders then follow up with the applicant to collect any additional information, if necessary, and to provide their competitive quotes. The applicant proceeds in contracting directly with their preferred lease provider.
If your application satisfies these conditions and you wish to receive quotes from participating lease providers, please click the apply now button below.
|Lender Name||Contact Name||Contact Title||Contact Phone||Contact Email||Website|
|Androscoggin Bank||John Simko||Director of Government Banking||(207) 330-0531||Send Email||Visit Website|
|Gorham Savings Bank||Rick Proctor||Vice President||(207) 222-1498||Send Email||Visit Website|
If your lending institution satisfies the conditions below and wishes to participate in the Efficiency Maine Green Bank municipal lease finance initiative, please click here.
To track updates to these finance initiatives, please subscribe to the “Green Bank News and Updates” list here.