If you’re concerned about fluctuating energy prices and want to make your home more comfortable and energy efficient, here are some resources to help you finance the improvements.
PACE Loans
One obstacle to making energy efficiency improvements is determining how to pay for them. Efficiency Maine offers a financing program that enables homeowners to borrow up to $15,000 at 4.99% interest for up to 15 years through its Maine PACE Loan program. The loan can be used to upgrade heating systems, weatherize your home, and make other improvements to cut your heating bills. The first step is an energy audit (be sure to visit their website for a list of qualified providers). Then if you qualify for a loan, the closing can take place right at your kitchen table. In most cases, the energy savings will cover the cost of your monthly loan payment. For more info on PACE, visit www.efficiencymaine.com.
Federal Tax Credits
In recent years, federal tax credits have been available for home energy efficiency improvements, including insulation and sealing, replacing windows and doors, roofs, furnaces, geothermal heat, biomass stoves, fans, solar electricity and water heating systems and small wind systems. Most of those credits are set to expire at the end of 2011 and at the time of printing were not expected to be renewed. However, a renewable energy tax credit of 30% is available on the cost of solar electric, solar water heaters, wind turbines and geothermal heat pumps, with no cap through 2016. Visit www.energytaxincentives.org and www.dsireusa.org/incentives for the latest information.
Home Appliance Rebate Program
For a limited time, Efficiency Maine is offering an appliance rebate program that provides $25-$50 rebates on select Energy Star appliances. To qualify, you must obtain a mail-in rebate form from your participating retailer when you make your purchase. More info at www.efficiencymaine.com.
- Clothes Washer — $50 rebate
- Refrigerator — $50 rebate
- Dehumidifier — $25 rebate
Maine Housing Mortgages
Qualify for a Maine Housing mortgage and you might also be eligible for funds to cover an energy audit and help with your downpayment and closing costs. Maine Housing’s Gift of Green option is available for a limited time and most Maine homebuyers are income eligible. The Gift of Green can also be combined with Maine Housing’s Purchase Plus Improvement option, which finances a home purchase plus repairs—such as energy efficiency improvements—in a single loan. More info at www.mainehousing.org/GiftofGreen.
