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Small Business Energy Loans

Financing is available for eligible small business owners upgrading to high-performance heat pumps and variable refrigerant flow (VRF) systems. Any business that is registered as a “Small General Service” (SGS) or “General Service” (GS), or “Medium General Service” (MGS) electricity customer with a peak electrical demand of 50 kW or less may be eligible for these loans. Click here for a bill example. 

Eligibility

Business

  • Business with a peak electrical demand of 50kW or less (Small General Service, Small Service, or Medium General Service depending on the utility territory)
  • Creditsafe Credit Score of at least 43 OR, if a Creditsafe score cannot be generated, the business may provide a personal guarantee, proof of operations for more than 24 months and a current electric bill payment with no past-due balance

Upgrades

  • High-performance heat pumps retrofits
  • Variable refrigerant flow (VRF) system retrofits

APPLY NOW ONLINE

Installer

  • Upgrades must be installed by an Efficiency Maine Qualified Partner

Financial Example

Two single-zone heat pumps with financing
Installed Cost Two Single-Zone Heat Pumps+ $ 7,750
Estimated Incentive– $ 3,200
Total Loan Amount
$ 4,550

Monthly Loan Payment (4.99%) Options
12 mo. = $389
24 mo. = $200
36 mo. = $136

Terms and Conditions

  • Loans may only be used for costs of purchasing and installing qualifying heat pumps and variable refrigerant flow systems approved through, and consistent with, Efficiency Maine’s Small Business Initiative.
  • Amount of loans may be as low as $2,000 or as high as $10,000 per customer location.
  • The interest rate for financing through this initiative is 4.99%, requiring no money down and no closing fees.
  • The term of the loan may be either 12 months, 24 months, or 36 months.
  • There is no pre-payment penalty.

The Process

  1. Contact a local Qualified Partner (Click here to find a Qualified Partner.) to schedule and develop a heat pump or VRF project (we recommend obtaining two or three price quotes).
  2. Apply for a Loan Prequalification online. Click here.
  3. Provide Efficiency Maine with project details and copy of an electric utility bill that shows your rate class (Small General Service or General Service, depending on utility territory) for project pre-approval (your contractor will help you).
  4. If pre-qualified and you accept the pre-approval offer, email Efficiency Maine at SBI@efficiencymaine.com or call (207) 213-6247 to request Small Business Loan Work Scope Form for signature. 
  5. Email Small Business Loan Work Scope to lending@neifund.org. Loan closing documents will be sent to you for electronic signature from the lender. 
  6. Sign and email or postal mail the loan closing documents. You’ll be notified that the loan documents have been received and will be processed.

 

After the project is completed:

  1. Working with your contractor, send Efficiency Maine the Project Completion Form documenting the project is complete. This triggers payment of Efficiency Maine’s incentive to the contractor(s).
  2. The contractor can submit the signed Project Completion Form by email at lending@neifund.org or by postal mail to NEIF, 1005 Brookside Road, Suite 200, Allentown, PA 18106 to receive the loan proceeds.