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Mission of the York Energy Efficiency Committee

Our mission is to respond to the global warming crisis by promoting energy efficiency, alternative energy, and environmental initiatives throughout the town of York, Maine.
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PACE home energy savings loans arrive

As of April 4, 2011, eligible* Maine home owners will be able to borrow up to $15,000 to upgrade their heating systems, weatherize their homes, and cut their heating bills. Efficiency Maine will provide the loans at a rate of 4.99%. As noted on the Villagesoup.com site:

“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 Richard Riegel Burbank, President of Evergreen Home Performance.  “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%.” ?

…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.

…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.

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

* State law requires that towns must pass an ordinance enabling PACE before local homeowners become eligible for the loans. The York Board of Selectmen is currently considering putting the PACE ordinance on the May 2011 ballot so that York residents can apply for the loans.

 

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