Eligible homeowners can borrow up to $15,000 for:

•    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

The interest rate is only 1% for borrowers who follow the recommendations of a home energy audit, and 3% for other borrowers. The maximum repayment term is 15 years.

Since 2006, this program has provided more than $500,000 in low-cost energy loans to help 40 Maine families keep warm and save money on energy costs.

Although the loan program is based on need, the eligibility requirements are really quite rational.  You may be eligible for a HELP loan if:

•    You own a single-family home, an owner-occupied 2- to 4- unit home, or a mobile home that is no more than 20 years old.

•    Your household income does not exceed income limits. (Income limits may be higher than you think; many Maine homeowners qualify for this program.)

•    Your total monthly debt payments are 45% or less of your total monthly income

•    Your total home loans, including the energy loan, do not exceed 106% of your home’s value (100% or less formobile homes).
I

n our areas, income limits are quite high.  In Lincoln County, limits for a 1-2 person household is $58,900, and for a 3 or more person household, the limit is $67,800.  In Sagadahoc County, the 1-2 person limit is $62,200, and the 3 or more limit is $67,800.  In Cumberland, the limits are $62,900 and $72,300, respectively.

The following lenders provide HELP loans in Maine:

Bath Savings Institution
(800) 447-4559

Camden National Bank
(800) 860-8821

Northeast Bank
(800) 284-5989

Northeast Home Loan
(207) 985-4305

Norway Savings Bank
(888) 725-2207

Skowhegan Savings Bank
(800) 303-9511

The First, N.A.
(800) 564-3195

Before you do your energy audit, check to make sure that your auditor is certified by the State of Maine, the Building Performance Institute (BPI), the Residential Energy Services Network, or the Northeast Home Energy Rating System.

You are responsible for choosing the contractor and for making sure the work is done properly.  In some cases, your home energy auditor may be able to help you find contractors to perform the work.  The application package from your lender will provide more information. 

MaineHousing recommends that your contractor provide you with a contract that spells out the scope of  the work to be performed and the cost.  A contract is required by law for work over $3,000.

The loans are extremely low-interest. 

1% (2% APR*) if the owner hires a certified energy auditor and follows auditor’s recommendations.
3% (4% APR*) if the owner does not use a certified energy auditor.

MaineHousing will pay the lender origination fee.  Borrowers are responsible for third-party fees such as the energy audit, title update, credit report, recording fee and (in some cases) appraisal of the property.  These fees can be included in the loan and are included in the APR calculation.  The upper limit is $15,000, with a maximum of 15 years to repay, and the minimum payment due is $25 per month.