Be SMART Home Efficiency Loan Program (Maryland)
Last modified on February 12, 2015.
Financial Incentive Program
|Name||Be SMART Home Efficiency Loan Program (Maryland)|
|Incentive Type||State Loan Program|
|Eligible Technologies||Boilers, Building Insulation, Caulking/Weather-stripping, Ceiling Fan, Central Air conditioners, Custom/Others pending approval, Doors, Duct/Air sealing, Equipment Insulation, Furnaces, Heat pumps, Lighting, Programmable Thermostats, Refrigerators, Water Heaters, Windows, Ventilating Fans; Furnace Cleaning/Tuning; Energy Saving Health and Safety Measures|
|Energy Category||Energy Efficiency Incentive Programs|
|Funding Source||American Recovery and Reinvestment Act (ARRA); State Energy Program|
|Maximum Incentive||Maximum loan of $15,000|
|Program Budget||$20 million (collective funding for residential, multi-family residential, and commercial)|
|Terms||Unsecured loans with 3, 5, or 10 year term; interest rate of 4.99% for Be SMART Home Complete loans; 6.99% for Be SMART Home Energy Star|
|Program Administrator||Maryland Department of Housing and Community Development|
|Last DSIRE Review||2013-02-15|
| Last Substantive Modification
to Summary by DSIRE
|References||Database of State Incentives for Renewables and Efficiency (DSIRE)|
Note: The eligible technologies listed above are only examples of some improvements that might be supported under this program. Other improvements may be eligible.
Under the Be SMART Homes program, the Maryland Department of Housing and Community Development offers loans to homeowners for energy efficiency retrofit projects in their primary residence. The program offers unsecured loans of up to $15,000 with terms of 3, 5, or 10 years. Interest rates vary depending on which type of loan a homeowner chooses:
- Be SMART Home Energy Star, which supports appropriate heating and cooling and purchases of Energy Star appliances, has a 6.99% interest rate.
- Be SMART Home Complete, which supports a wide variety of efficiency improvements based on the results of a required energy audit, has a 4.99% rate.
Participants of either loan option must work with a program-approved weatherization contractor. In addition, in order to qualify for a loan, residents must have a credit score of at least 640, a debt-to-income ratio of 50% or less, and have their income level verified.
Separate energy efficiency loan programs exist under the Be SMART initiative for energy efficiency in multi-family buildings and business properties. Please see the program web site for additional details.
This program is part of the U.S. Department of Energy's (DOE) Better Buildings Program. The DOE has awarded over $500 million in federal funds to more than 40 states, local governments, and organizations to administer local programs targeting a variety of building types. Combined, these local programs are expected to improve the efficiency of more than 170,000 buildings through 2013 and save up to $65 million in energy costs annually.
|Contact Name||Program Administrator - Be SMART Homes|
|Department||Maryland Department of Housing and Community Development|
|Division||Community Development Administration|
|Address||100 Community Place|
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.