An April 4th launch of Maine PACE 4.99% loans for financing home energy efficiency improvements was announced by Efficiency Maine PACE Loan program manager, Dana Fischer at last Wednesday night's meeting at Rockland City Hall.  Richard Riegel Burbank, President of Evergreen Home Performance, was also on hand to explain the process of the energy audit and qualifying improvements to receive the loan funds.

"Although 4.99% interest is not as low as what is available from local banks, some homeowners will find the easier qualifications of PACE a big help," says Evergreen's Richard Riegel Burbank.  "The real advantage of PACE is for the homeowner struggling to pay heating bills.  You can still qualify even if your credit rating got bruised during these past few years of hard times.  You can also get a loan for any equity you have in your home, up to 100% of its value.  Most banks will not loan up to 100% of value at 4.99%."

Evergreen’s staff of energy auditors have been gearing up for the eventual launch of this program for the past few months.  Evergreen Home Performance has already helped almost 100 mid-coast homeowners qualify for the current Efficiency Maine Home Energy Savings Program as well as providing the project contracting services.  The company is ready to guide area residents through this latest home energy efficiency initiative.  Since the PACE project qualification process is the same as the current program, the only additional step is the simple online application process.  Evergreen is available to help homeowners from beginning to end as well as answer questions.

The loans which range from $6,500 to $15,000, can have up to a 15 year payment period and are transferable upon the sale of a property.  Projects estimated to save 25 percent or more on heating costs will qualify for PACE.  In addition there are still some rebates of up to $1500 from Efficiency Maine's Home Energy Savings Program.  The rebate funds are running low and rebate reservations are currently estimated to run out in June according to the Efficiency Maine website.   Homeowners have the next few months to take advantage of both programs at the same time.  Additional incentives for solar and heating equipment improvements also are available.

Efficiency Maine's commercial posted on Youtube features Evergreen's customers in Warren.  The couple was the first in Maine to get a rebate for completing a project estimated to create a 50% energy reduction in heating and hot water.

To qualify for the PACE loan, a homeowner's property must be located in a municipality that has adopted a PACE ordinance.  Local municipalities that have already passed PACE include Rockland and Belfast as well as the islands of North Haven and Vinalhaven.  The homeowner must meet the financial qualifications as well as being current on property tax and sewer payments.

State law requires that towns must pass an ordinance enabling PACE before local homeowners become eligible for the loans.

The Maine PACE Loans program was seeded by $30 million in funds provided by an American Recovery Investment Act (ARRA) grant from the Dept of Energy.  Maine received one of the highest awards in the competitive process as reported by this link at Maine.gov. New York State Research and Development Authority received $40 million; Maine, Michigan and Los Angeles County, Calif., each received $30 million. Twenty-one other awards ranged from $5 million to $25 million.  The grant awards were announced almost a year ago by Vice President Biden in late April to coincide with Earth Day celebrations.

More PACE information is available at www.efficiencymaine.com/pace or by calling 1-866-376-2463.