Thanks to a collaborative effort with numerous Maine municipalities, Efficiency Maine launched the Maine PACE Loan program in 2011. These loans provide a way for homeowners to borrow funds at a competitive interest rate to make energy improvements, such as installing a new energy-efficient heating system, weatherizing a home with insulation and air sealing, and replacing inefficient appliances and lighting.
Many Maine municipalities statewide are making this new financing tool available to their residents and more are joining every month. When combined with Efficiency Maine’s Home Energy Savings Program rebates, PACE Loans can deliver meaningful energy savings for Maine residents looking to make their homes more comfortable while reducing their energy bills month after month.
To get a PACE loan, a customer’s property must be located in a municipality that has adopted a PACE ordinance. Kennebunk signed an administrative contract with Efficiency Maine in January of 2011. Other conditions which must be met include being current on property tax and sewer payments. The amount of the PACE loan cannot exceed the property owner’s equity in the home.
With a fixed interest rate of 4.99%, loans can have up to a 15-year repayment period and are transferable upon the sale of the property. Loans can range anywhere from $6,500 to $15,000.