Home Energy Loan Program (HELP)

February 16, 2010

Summary

This incentive is no longer accepting loan applications after December 31, 2009. No new loans will be issued under this program. This summary is for reference only. Maine's Home Energy Loan Program (HELP), initiated in September 2006, provides low-interest loans to residents for energy improvements. Under HELP, the Maine State Housing Authority provides loans ranging from $2,800 to $30,000 at a fixed interest rate of 3.95% to homeowners. (Note that rates and terms are subject to change.) HELP loans may be used to finance:

• Home energy audits.
• Insulation, air sealing and weather stripping.
• Heating system repair or replacement. (Eligible heating system improvements generally include furnace cleaning and tune-ups, replacement burners and/or fuel storage tanks, replacement systems and supplemental heating systems that meet certain efficiency standards, efficient wood stoves and wood pellet systems, geothermal heat pumps, and solar water-heating systems.)
• Energy Star-rated windows and appliances.
• Storm doors and storm windows.
• Ventilation and moisture controls.
• Roof repairs if attic is insulated to a minimum R-38 value.

HELP loans are generally available to residents (1) who own and occupy a one- to four-unit home, (2) who have total monthly debt payments of 45% or less of total monthly income and (3) whose total home loans, including the energy loan, do not exceed 106% of the home’s value (or 100% for mobile homes). While household income limits apply, most Maine homeowners are eligible for a HELP loan.