Community Development Resources

Maine PACE Loans for Home Energy Efficiency Upgrades for Brunswick Residents

Maine PACE loans for home energy efficiency upgrades are available for residents of Brunswick. 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 866-ES-MAINE (376-2463), or online using the Maine PACE online application.

For more detailed information, view the Maine PACE Brochure (PDF), and see the Town of Brunswick PACE Ordinance (PDF). Maine PACE provides financing for Efficiency Maine's Home Energy Savings Program. More than 1,900 homes have been upgraded through the Home Energy Savings Program with expected energy savings of 36% and an average project cost of $8,800. This translates to more than $1,000 in fuel savings per year in the average home with a monthly 15-year PACE loan payment of approximately $60.

Background Information

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. The Maine PACE Loan program officially kicked off on April 4, 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.

Over 98 Maine municipalities, statewide are making this new financing tool available, and more are joining every month. 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.

Requirements

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%, 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.

Loan Process

Qualifying homeowners start by hiring a Participating Energy Advisor listed on Efficiency Maine's website, 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, receive 30% 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.

Additional incentives for heating systems and solar equipment may also be available.

Grant

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.