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Energy efficiency is regularly called our cheapest, cleanest, and fastest energy source.  It’s good for home comfort and safety, good for our pocketbooks, and good for the Earth – so it’s easy to agree that efficiency is a good idea. Financing that efficiency, on the other hand, hasn’t always been straightforward. It is now.

Efficiency Maine offers an energy loan for every situation, making it possible for homeowners to finance projects that dramatically improve their homes – all for a monthly cost that rivals the average cell phone bill. All of the options are low interest, long-term loans with no fees and quick, simple application processes, but there are a few key differences.  Here’s a primer:

If you live in a town that has opted in to PACE: Homeowners in more than 165 Maine municipalities can borrow $6500-$15,000 for up to 15 years at 4.99% APR through the PACE program.

If your town hasn’t authorized PACE: PowerSaver and Energy loans are both available statewide, with no municipal requirements.

If you’re a landlord: PowerSaver loans are only available for owner-occupied single-family homes, but PACE and Energy loans are great options for landlords. Single and multifamily homes with 1 to 4 units can qualify for PACE loans and unsecured Energy loans; there are no restrictions for owner occupancy for restrictions for PACE and unsecured Energy loans.

If you need an unsecured loan:  Homeowners who pursue incremental upgrades can borrow up to $7500 with an unsecured PowerSaver loan, or up to $15,000 with a quick-close Energy loan.  These loans have 10-year terms and are perfect for homeowners who have don’t have the equity to qualify secured loans.

If you need a larger loan:  You can borrow up to $25,000 at 4.99% APR under PowerSaver.  This larger loan will accommodate efficiency basics – like air sealing, insulation, and basement encapsulation – as well as systems upgrades and renewable energy installations.  The standard loan term of 15 years is even extended to 20 years with a solar project or wood pellet boiler.

If you want to get started today: Close immediately on an unsecured Energy loan of up to $15,000 over a 10 year term. Interest rates are fixed at 4.99% APR or 5.99% APR, depending on your credit score.

If you want more flexibility: Combine loans to accommodate a larger project or pair a secured loan with a smaller, unsecured loan to make the most of your home equity.

Applying for the loans is easy.  Even if these loans aren’t right for you, energy efficiency is – and there are plenty of ways to pay for it.