Efficiency Maine and the U.S. Department of Housing and Urban Development held a press conference this afternoon at the Maine State House to launch a new statewide home energy loan program called PowerSaver. The program will complement Maine PACE Loans, Efficiency Maine’s existing home energy loan program.
Michael Stoddard, Executive Director of Efficiency Maine, introduced the new program, while standing beside a large digital countdown clock to the start of next winter’s heating season. “It is true, we had a mild winter this year, but when the price of our primary heating fuel rises 300% in a decade, mild weather doesn’t help much,” said Stoddard. “The total cost to heat our homes is still too high. For our families, and for our state economy, it is imperative that we invest in energy upgrades so that we can stop wasting energy and start lowering our heating bills.”
“This morning, we’re announcing the launch of a new financing program that will provide Mainers statewide with an easy and affordable way to pay for the up-front costs of that weatherization and make an important investment in home comfort.”
PowerSaver loans will expand Efficiency Maine’s home energy financing program statewide, and will help Maine homeowners to complete smaller upgrades (of less than $6,500) or larger projects (of more than $25,000).
Michael Freedberg, Senior Advisor for Energy Efficiency and Green Building in HUD’s Office of Sustainable Housing and Communities , addressed the benefits of the program. “We applaud Efficiency Maine’s leadership and efforts to make weatherization affordable and accessible statewide,” said Freedberg. “Many Maine residents who are dependent on oil for heating their homes are struggling to pay their bills and deal with rising energy costs. PowerSaver provides a low-cost, long-term financing option to help Mainers weatherize their homes, and provide some relief for tight family budgets.”
PowerSaver can be used for a wide variety of improvements including: home weatherization, replacement doors and windows, efficient heating systems and water heaters, insulation and air sealing, Energy Star metal or asphalt roofs, solar panels, and geothermal systems, among other measures.
PowerSaver loan terms are up to 15 years for energy efficiency projects, and up to 20 years for projects that include eligible renewable energy improvements. The interest rate is fixed at 4.99% APR, as is the case with Maine PACE Loans. Projects must meet a minimum energy saving threshold of 20 percent, and participants must meet other criteria, including having enough home equity to cover the loan amount.
Richard Burbank, Owner of Evergreen Home Performance of Rockland, joined a dozen energy contractors and business owners to address the importance of home weatherization as a solution to the state’s housing and energy challenges. “Maine PACE and PowerSaver loans present the best options for many homeowners to pay for a comprehensive home energy upgrade,” said Burbank. “Despite a record mild winter, oil is likely to either stay at record highs or continue to rise. Mainers should not wait until next winter to fix their homes. High heating oil prices and a cold winter next heating season could devastate homeowners in Maine. Now is the time to weatherize.”
Ed Cervone, Senior Program Director and Operations Officer at the Maine Development Foundation, addressed the importance of energy efficiency and weatherization to the Maine economy. Cervone was one of the lead authors of “Making Maine Work” and the “Measures of Growth” annual report, two important policy documents focused on Maine’s economic strengths and weaknesses.
“Maine has among the oldest housing stock in the nation, and all the energy spent to heat those homes literally goes out the windows and doors of our poorly insulated homes,” said Cervone. “Energy efficiency through weatherization helps keep heating costs down, which in turn allows Maine residents to spend their money on other needs, supporting their families, their communities and the economy.”
Local homeowner John Dickens described his recent home weatherization project, and how adding insulation and making other improvements are expected to result in more than 30 percent in energy savings. He weatherized his home through an Efficiency Maine loan.
“This is something we kept putting off for years, until we finally decided to take action,” said Dickens. “We heard about Efficiency Maine’s home energy loan program, hired The Breathable Home as our contractor, and I am now living in a much more comfortable and energy efficient home.”
Stoddard cited a study by research firm Centris that shows that the average digital cable customer pays almost $75 a month for cable TV. For a $10,000 PowerSaver loan with a 10-year loan term, the monthly payment is roughly the same, at about $79.
For more information about PowerSaver loans, visit www.efficiencymaine.com.
Efficiency Maine is an independent trust dedicated to promoting the efficient and cost-effective use of energy in order to save money for Maine residents and businesses, grow the economy, and create jobs. Efficiency Maine’s energy-saving programs reduce the use of electricity and heating fuels through energy efficiency improvements and the use of cost-effective alternative energy. Efficiency Maine’s programs deliver Maine’s lowest-cost energy resource through a combination of technical assistance, cost-sharing, training, education and awareness programs.
