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Maine

Maine

Incentives/Policies for Renewables & Efficiency

Printable Version
Maine PACE Loans   

Last DSIRE Review: 07/24/2013
Program Overview:
State: Maine
Incentive Type: PACE Financing
Eligible Efficiency Technologies: Clothes Washers, Refrigerators, Dehumidifiers, Ceiling Fan, Water Heaters, Lighting, Lighting Controls/Sensors, Furnaces , Boilers, Heat pumps, Central Air conditioners, Programmable Thermostats, Caulking/Weather-stripping, Duct/Air sealing, Building Insulation, Windows, Custom/Others pending approval, Unspecified Technologies, LED Lighting, Any efficiency improvements approved by Efficiency Maine Trust and recommended by Energy Audit
Eligible Renewable/Other Technologies: Solar Water Heat, Solar Space Heat, Photovoltaics, Wind, Biomass, Geothermal Heat Pumps, Masonry stoves and wood pellet systems, Renewable energy installations or electric thermal storage systems approved by Efficiency Maine Trust
Applicable Sectors: Residential
Terms:Loan amount (range): $6,500 to $15,000
Term length: Up to 15 years
Interest rate: 4.99% (fixed)
Funding Source:American Recovery and Reinvestment Act (ARRA)
Program Budget:$30 million
Start Date:04/04/2011
Web Site: http://www.efficiencymaine.com/at-home/home-energy-savings-progra...
Authority 1:
Date Enacted:
Date Effective:
35-A MRSA ยง10151 et seq.
04/01/2010
04/01/2010
Authority 2:
Date Enacted:
SP 326
05/29/2013
Summary:

Note: Maine's PACE program is accepting applications from homeowners in participating municipalities. Applications are submitted online.

Property-Assessed Clean Energy (PACE) financing allows property owners to borrow money to pay for energy improvements. The amount borrowed is repaid via a special assessment on the property over a period of years. Maine has authorized local governments to establish such programs. Not all local governments in Maine will choose to offer PACE financing, check the program to see if your municipality has begun offering the program (over 160 locations are participating, Efficiency Maine maintains an up to date list). If your town is not participating, contact your community leaders directly.

The following eligibility requirements apply:

  • Homeowners must have a debt-to-income ratio of 45% or less
  • Property taxes and sewer charges must be up to date
  • The property is not subject to a reverse mortgage
  • The property may not have any outstanding notice of default, foreclosure, or delinquency on the mortgage
  • The homeowner must have at least as much equity in the home as the amount of PACE loan

To participate, the homeowner must select a participating energy advisor and receive an energy audit. The home energy audit must be conducted to determine the recommended improvements which may include energy-efficiency meaures and renewable-energy systems. Energy-efficiency measures generally must meet or exceed U.S. EPA and Energy Star standards, or other standards approved by Efficiency Maine Trust, or weatherization improvements that are approved by the Trust. Improvements that are recommended by the Energy Audit may be authorized. Renewable-energy systems and electrical-thermal storage systems must meet standards approved by the Trust.

Note that certain improvements may be eligible for rebates as well. After the energy audit, the homeowner receives pre-approval for the PACE loan by submitting an application online and selects a contractor from a registered vendor list.


 
Contact:
  Dana Fischer
Efficiency Maine
151 Capitol Street
Suite 1
Augusta, ME 04330
Phone: (866) 376-2463
Web Site: http://www.efficiencymaine.com
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Disclaimer: The information presented on the DSIRE web site provides an unofficial overview of financial incentives and other policies. It does not constitute professional tax advice or other professional financial guidance, and it should not be used as the only source of information when making purchasing decisions, investment decisions or tax decisions, or when executing other binding agreements. Please refer to the individual contact provided below each summary to verify that a specific financial incentive or other policy applies to your project.

While the DSIRE staff strives to provide the best information possible, the DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. make no representations or warranties, either express or implied, concerning the accuracy, completeness, reliability or suitability of the information. The DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. disclaim all liability of any kind arising out of your use or misuse of the information contained or referenced on DSIRE Web pages.

Copyright 2013 - 2014 North Carolina State University, under NREL Subcontract No. XEU-0-99515-01. Permission granted only for personal or educational use, or for use by or on behalf of the U.S. government. North Carolina State University prohibits the unauthorized display, reproduction, sale, and/or distribution of all or portions of the content of the Database of State Incentives for Renewables and Efficiency (DSIRE) without prior, written consent.