MaineHousing’s Home Energy Loan Program (HELP) offers loans at a low fixed rate of only 3.95% (4.194%APR*) for home improvements that increase home energy efficiency. Loan amounts range from $2,800 to $30,000, with loan terms of up to 15 years. (Rates and terms are subject to change.)
For loans repaid over 15 years, the monthly payment would be $7.37 for every $1,000 borrowed.
There is no down payment on a HELP loan. A property appraisal may be required, but often is not.
HELP loans may be used to finance:
- Home energy audits
- Insulation, air sealing, and weather stripping
- Heating system repair or replacement
- Energy Star rated windows and appliances
- Storm doors and storm windows
- Ventilation and moisture controls
- Roof repairs (if attic is insulated to a minimum R38 value)
Heating system improvements may include furnace cleaning and tune-ups, replacement burners and/or fuel storage tanks, and replacement systems and supplemental heating systems if they meet certain efficiency standards. Efficient wood stoves, wood pellet systems, geothermal heat pumps, and solar thermal hot water systems are among the possible heating system improvements.
HELP Loans are approved ENERGY STAR® mortgages, which means they generally yield 20% or more in energy savings and provide a financial incentive to the borrower.
*The APR is the cost of credit stated as a yearly rate. The above APR is based on a 15-year term, and includes the cost of an energy audit, title update, credit report, and recording fee. If the property needs an appraisal, the APR would be higher.