Maine PACE Loans (Maine)

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Summary

Last modified on February 12, 2015.

Financial Incentive Program

Place Maine

Name Maine PACE Loans
Incentive Type PACE Financing
Applicable Sector Residential
Eligible Technologies Clothes Washers/Dryers, 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, Solar Water Heat, Solar Space Heat, Photovoltaics, Wind, Biomass, Geothermal Heat Pumps, Energy Storage, Yes; specific technologies not identified, LED Lighting
Active Incentive Yes

Implementing Sector State/Territory
Energy Category Renewable Energy Incentive Programs, Energy Efficiency Incentive Programs








Start Date 2011-04-04


Funding Source American Recovery and Reinvestment Act (ARRA)









Program Budget $30 million




Terms Loan amount (range): 6,500 to 15,000

Term length: Up to 15 years
Interest rate: 4.99% (fixed)

Program Administrator AFC First Financial Corporation
Website http://www.efficiencymaine.com/at-home/home-energy-savings-program/
Date added to DSIRE 2010-04-05
Last DSIRE Review 2013-07-24



References DSIREDatabase of State Incentives for Renewables and Efficiency[1]


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.


Incentive Contact

Contact Name Dana Fischer
Department Efficiency Maine

Address 151 Capitol Street
Address 2 Suite 1
Place Augusta, Maine
Zip/Postal Code 04330
Phone (866) 376-2463



Website http://www.efficiencymaine.com
     
     

Authorities (Please contact the if there are any file problems.)

Authority 1: 35-A MRSA §10151 et seq.
Date Effective 2010-04-01
Date Enacted 2010-04-01


Authority 2: SP 326

Date Enacted 2013-05-29


















  • Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.[1]

References

  1. 1.0 1.1  "Database of State Incentives for Renewables and Efficiency"