PACE Energy Upgrade Financing Comes to Maine
Solaris Can Help You Utilize It
Maine’s PACE energy upgrade loan program can help you fund energy saving upgrades. PACE stands for Property Accessed Clean Energy. The Maine PACE financing program will allow homeowners to borrow up to $15,000 to use for projects that will reduce their homes energy usage. This can include insulation, weatherization, new high efficiency heating and hot water equipment, solar energy systems, and more.
Each town has to approve the program that is generally operated by the Efficiency Maine Trust; the same group that operates our solar and weatherization incentive programs.
An energy audit will be required using a state approved auditor. Average audit costs are $300-600. The program will follow the same guidelines as the current weatherization program. You will be required to make needed logical building shell improvements before money can be put towards solar.
Highlights of the PACE Program:
• The program has no income limits.
• Debit to income ratio is 45%
• You cannot be behind on your mortgage or property taxes at the time of application
• Your credit score is not considered
• The interest rate is 4.99% with up to a 15 year term
• The loan amount cannot be greater than the homes equity
• An online application is available. www.EfficiencyMaine.com/PACE
• There are no fees or closing costs. Appraisals are normal not required.
The number one reason families put off energy upgrades is lack of funds. This is a wonderful opportunity for Maine families to get the money they need to cut their energy bills and make their homes more comfortable. Part of the audit process is to provide the details on how the improvements will save you money to cover the loan cost.
Most Maine families will find that new heating equipment, air sealing, extra attic insulation and basement air sealing & insulation will cut their energy bills by over 50%. In addition reducing drafts will make the home more comfortable so you can lower your thermostat. The addition of solar energy can bring further savings in fuel costs plus reduce your environmental impact.
Solaris can provide state approved energy audits and weatherization services. We have helped countless families upgrade to energy efficient gas boilers that cut their fuel bills 25-50%. We are experts in high efficiency hot water, solar heating and hot water, solar electric, solar hot air, and more. We look at your home as a whole system and since we “do it all” we give unbiased, cost effective, recommendations that meet your unique needs. Plus our staff will help you through the PACE process and make sure you know about all the incentive programs. Give us a call today 797-0979.
Efficiency Maine has plans to roll out additional loan programs, up to $25,000, in spring of 2012.
To keep up to date on announcements regarding this program add your name to our mailing list.
More information is available at www.EfficiencyMaine.com
For information on all the incentive programs: www.DsireUSA.org