Financing Energy Upgrades
You don’t need a nest egg for energy upgrades
By Erica Bartlett
Most of us can’t afford to pay for home improvement projects up front, and not everyone can refinance their mortgage or get a home equity line of credit. Luckily, Mainers of all income levels have other ways to finance upgrades. Taking advantage of those options to make improvements today can help you reduce your energy bills and make your home more comfortable for many years to come.
Efficiency Maine
For anyone looking to do an energy upgrade, Efficiency Maine is a great place to start. They offer a wealth of information, including:
They also provide rebates for many projects, including air sealing, insulation, heat pumps and pellet boilers. According to Andy Meyer, the residential program manager at Efficiency Maine, the two most popular rebates these days are for heat pumps and weatherization. Both of these upgrades have substantial rebates and also reduce utility bills for immediate savings.
A worker installs new windows at a condominium in Portland. Image courtesy of Evergreen Home Performance
The rebates alone make these projects more affordable, but you can also get financing for them. Efficiency Maine offers five types of loans with interest rates as low as 4.99%, in amounts ranging from $1,000 to $15,000. These loans have some requirements, such as certain credit scores and debt-to-income ratio, but they don’t have any income restrictions. You might be surprised to learn just how accessible it is to significantly improve the comfort and efficiency of your home.
Additional financing options
Some upgrades aren’t covered by Efficiency Maine, though, such as solar installations or structural improvements like roof, door and window replacements. That’s where other financing options come in.
If you only want to install solar panels, you’ll likely be able to finance through the solar company. Many solar providers, including Maine Solar Solutions, ReVision Energy and Sundog Solar, work with funding partners to offer financing, with interest rates as low as 2.99%.
Those who can’t install panels at home can still enjoy the benefits of solar by joining a community solar farm (CSF). ReVision is planning some new CSFs and they have financing options for owning shares in a CSF.
If you’re looking for other improvements, the National Energy Improvement Fund (NEIF) covers solar as well as weatherization, roofing, siding, windows, doors and more. Their loans range from $2,500 to $25,000, and all income levels are eligible. See the NEIF website for an extensive list of NEIF-approved Maine contractors.
You can also combine options. Insulation and home performance contractors such as Evergreen Home Performance and Heatmizer can work with you to take advantage of Efficiency Maine options as well as NEIF financing. For example, if you wanted to insulate your attic and repair your roof, Efficiency Maine could cover the installation- with a rebate up to $3,000- and NEIF could finance the roof work.
It’s also important to note that contractors are taking many precautions based on CDC guidelines to keep everyone safe while doing this work.
Financing makes it easy to improve your home’s comfort
In the past, Maine homeowners have had to choose between the cost of upgrades and the desire to implement energy upgrades. With financing, though, you can do both.
Even better, since many financing options are available for all income levels, the goals of efficiency and sustainability are in reach for almost everyone. That makes it a win all around for homeowners and the Maine environment.