Seacoast Energy Initiative: Energy Efficiency Loan Program

Homeowners in the towns of Eliot, Kittery, North Berwick, South Berwick, Ogunquit, and York (located in Southern York County) may be eligible a loan of up to $7500 to make energy efficiency improvements in their homes. Homes must be owner-occupied year round (rentals or vacation homes do not qualify, for example). Eligible borrowers must be current on local property taxes and utility bills, have a minimum credit score of 660, and a maximum debt to income ratio of 50%.  All pre-approved applicants must conduct an energy audit using a Building Performance Institute Certified Energy Auditor before financing will be provided.

Eligible energy efficiency improvements include sealing, caulking, insulation as well as moisture barriers and mechanical ventilation if done in conjunction with the previous improvements. In addition, controls such as programmable thermostats and controls on furnaces are eligible. Solar hot water heating is eligible if a homeowner has already completed weatherization improvements. The cost of the energy audit may also be financed by the loan, as well as the program costs.

Loan terms range from 3 to 10 years and interest rates vary from 3.25% to 7.50% (note: if lenders repay using electronic fund transfers, the interest rate is lowered by 0.25%). There is a $25 non-refundable application fee and $150 closing fee.