Efficiency Maine offers a variety of home energy loans to help you pay for energy upgrades. Maine homeowners can borrow up to $15,000 over 10 years with no fees and interest rates as low as 4.99% APR.
Monthly Payment Chart
(4.99% APR fixed)
|Loan Amount||3-Year Loan||5-Year Loan||10-Year Loan|
- Homeowners of any income (businesses are not eligible)
- Borrower must be a Maine resident
- Minimum credit score depending on loan type
- Maximum debt-to-income ratio depending on loan type
- No recent bankruptcies, foreclosures, or repossessions, depending on loan type
- Located in Maine. PACE loans only available in PACE Towns.
- Required: an upgrade eligible for an Efficiency Maine residential rebate
- Optional: health and safety measures if necessary to complete the upgrade. Not to exceed 25% of the loan. For example:
- Moisture/radon mitigation before air sealing
- Vermiculite removal before insulation
- Knob and tube wiring removal before insulation
- Leaky roof repairs before attic insulation
- Chimney lining before boiler/furnace replacement
- Electrical panel upgrade before heat pump installation
- Upgrades must be installed by an Efficiency Maine Residential Registered Vendor. Loans can only be paid out to Registered Vendors.
- While funds are available. Loans have been available since 2011.
- [simple_tooltip content=’Avoid dollar signs and commas in number fields. Be sure to have your SSN, monthly income, and property tax estimate handy.’]Credit qualification – Apply online or by phone (866-376-2463). You’ll be notified within 3 business days* whether you qualify or if additional documentation is required.[/simple_tooltip]
- [simple_tooltip content=’Leaving out any relevant eligibility criteria will delay your loan approval. Example, “Air seal and insulate attic to R49 with loose blown cellulose” (not “insulate attic”).’]Project eligibility confirmation – Mail or email a Loan Work Scope Form with a quote from an Efficiency Maine Residential Registered Vendor. If the project is eligible for a loan, you’ll receive documents showing the exact loan amount, payments, etc. within 3 business days*[/simple_tooltip]
- Closing documents – Sign and email/mail the loan documents.
- Upgrade – Complete the energy upgrade.
- [simple_tooltip content=’Be sure to attach the paid and itemized invoice clearly reflecting all relevant eligibility criteria. Example “XYW-Brand Model 123 oil boiler, 88 AFUE, accessible pipes insulated, no tankless coil” not “New Boiler.”’]Rebate – Submit your rebate claim form. Within six weeks we’ll mail a rebate check to you or your Registered Vendor, whichever you choose.[/simple_tooltip]
- [simple_tooltip content=’Don’t sign until all the work is done to your satisfaction.’]Loan payout – Mail or email us your signed Completion Certificate. We’ll send the loan amount to your Registered Vendor within 3 business days*.[/simple_tooltip]
*if all paperwork is complete
Terms and Conditions
No limit on the number of homes or loans. Maximum outstanding balance of $15,000 per borrower. Only one check per loan. Only PACE loans are eligible for advances (30%). Program and incentives subject to change or termination. Consult Efficiency Maine website to confirm current program terms, rebate availability, and forms. Must use current rebate form at time of submission. Incomplete information may delay or disqualify your loan.