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State of Maine
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Maine PACE Loans
for Home Energy Efficiency Upgrades for Brunswick Residents
Available
beginning May 11, 2011
Maine PACE loans for home energy
efficiency upgrades are available for residents of Brunswick. as of May 11,
2011. Loans are available for amounts between $6,500 and $15,000 at 4.99% APR
over 5, 10 or 15 year terms. There are no up-front loan costs or fees.
Homeowners can apply over the phone at 1-866-ES-MAINE, online at
www.efficiencymaine.com/pace
via the
Maine PACE online application
For more detailed information view
the
Maine PACE Brochure
Maine PACE is
financing for Efficiency Maine's Home Energy Savings Program. More than 1900
homes have been upgraded through the Home Energy Savings Program with expected
energy savings of 36% and and average project cost of $8,800. This translates to
more than $1000 in fuel savings per year in the average home with a monthly 15
year PACE loan payment of approximately $60.
Background Information on this program
Thanks to a
collaborative effort with many Maine municipalities, Efficiency Maine launched a
program for Maine homeowners that will offer a new way to finance energy
efficiency upgrades to their homes.
Maine PACE Loans is the name of the program that officially kicked off on
Monday, April 4. 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.
Over 60 Maine municipalities statewide are making this new financing tool
available, 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. Brunswick’s ordinance is effective with the
program availability to Brunswick residents set for May 11, 2011. A property
owner must meet other conditions, including 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 percent, 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.
Qualifying homeowners start by hiring a Participating Energy Advisor listed on
Efficiency Maine’s web site, then initiating the loan process. They can then
select from a list of registered vendors to complete their energy upgrades,
submit a loan application and Rebate Reservation Form, and once approved,
applicants will receive 30 percent of the amount of the project to use as a down
payment. The remaining funds will be released after the completed work has been
verified by the Energy Advisor.
Projects estimated to save 25 percent or more on heating costs will
also qualify for up to $1,500 in rebates from Efficiency Maine’s Home Energy
Savings Program while funds last. Additional incentives for heating systems and
solar equipment may also available.
The Maine PACE Loans program was seeded by an American Recovery and Reinvestment
Act (ARRA) grant from the U.S. Department of Energy. Efficiency Maine won the
competitive grant to capitalize, administer and market the loans in a 2009
proposal. However, state law requires that all towns pass an ordinance enabling
PACE before local homeowners become eligible for the loans.
Town of Brunswick PACE
ordinance
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