Financing
Options As Low As $50 Per Month
Financing
Options As Low As $50 Per Month
Financing Options for Daikin & Samsung Heat Pumps!
We offer financing to make it easier for you to own a mini-split heat pump system. We work with NEIF/Efficiency Maine to offer very affordable loans with a wide range of interest rates and terms to meet your needs. Apply now online or schedule a free in-home consultation to learn more about the different options and get preapproved within minutes.
EnergyPlus Loan
Upgrade your home’s efficiency, strength, health and comfort with simple, transparent and trusted fixed rate, low payment financing.
Upgrades to your heating and cooling can pay big dividends through energy savings, making your home more resilient to bad weather and improving your home’s livability and comfort. Especially if they are installed by a contractor who has earned the NEIF Seal of Approval, meeting the highest standards of accountability and social and environmental impact and a U.S. Department of Energy Home Improvement Expert lender partner.
Green Bank Loan
Efficiency Maine offers home energy loans to help homeowners pay for qualifying energy upgrades. Low- and moderate-income households may qualify for lower interest rates if they meet certain criteria. To qualify for Income-Based loans, prospective borrowers must first request eligibility verification here, and then receive approval.
Income-Based loan customers must have received approval within the last year before starting the loan application process.
Eligibility
| 1-Year 0% APR | 5-Year 5.99% APR | 10-Year 7.99% APR | Income Based 10-Year 5.99% APR | |
| Customer/Borrower | ||||
| Loans available only for qualifying energy efficiency upgrades at qualifying property. Both subject project property and borrower’s Principal Residence1 must be in the state of Maine. | Yes | Yes | Yes | Yes |
| The borrower must be an owner or have an ownership interest in the property as an Individual Property Owner2 or a Partnership Property Owner.3 | Yes | Yes | Yes | Yes |
| The borrower, or a member of the household at the borrower’s Principal Residence, must be verified by Efficiency Maine as income-eligible (low- or moderate-income) by completing the form here and receiving approval within the last year. | No | No | No | Yes |
| Building Types | ||||
| The subject property must be a Residential Property (Single Family House, Two-Unit Duplex, Manufactured (Mobile) Home, or Condo Unit) located in Maine. | Yes | Yes | Yes | Yes |
| Equipment and Upgrades Note: Projects do not have to receive an Efficiency Maine rebate to be eligible for Home Energy Loans. |
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| Heat Pumps – for space heating and cooling in which the project is not a heat pump/fossil fuel combination system (“dual fuel”). To clarify, electric panel and electrical service upgrades are considered part of an eligible heat pump upgrade when they are required to complete the project. |
Yes | Yes | Yes | Yes |
| Insulation and Air Sealing – Attic, wall, or basement insulation and air sealing in an area that is heated the entire heating season and is not part of the construction of a new home or addition. To clarify, windows are not eligible under the definition of Insulation and Air Sealing. |
Yes | Yes | Yes | Yes |
| Contractor Requirements | ||||
| Upgrades must be installed by an Efficiency Maine Residential Registered Vendor (RRV). The Financed Amount will be disbursed directly to an RRV on behalf of the Borrower at project completion. | Yes | Yes | Yes | Yes |
1Principal Residence – In the case of a taxpayer using more than one property as a residence, whether the property is used by the taxpayer as the taxpayer’s principal residence depends upon all the facts and circumstances. If a taxpayer alternates between two properties, using each as a residence for successive periods of time, the property that the taxpayer uses a majority of the time during the year ordinarily will be considered the taxpayer’s principal residence.
2Individual Property Owner – The borrower is the subject property owner, and the property is owned by one individual (inclusive of married couples filing jointly and single member LLCs).
3Partnership Property Owner – The borrower is the subject property owner, and the property is owned by multiple individuals.
Terms
| 1-Year 0% APR | 5-Year 5.99% APR | 10-Year 7.99% APR | Income Based 10-Year 5.99% APR | |
| Fees | ||||
| Origination Fee | $500 | $0 | $0 | $0 |
| Application Fee | $0 | $0 | $0 | $0 |
| Pre-Payment Fee | $0 | $0 | $0 | $0 |
| Non-sufficient funds fee (per occurance) | $25 | $25 | $25 | $25 |
| Late Payment fee of 5% of amount due or $10, whichever is less | Yes | Yes | Yes | Yes |
| Terms & Rates | ||||
| Term Length (years) | 1 | 5 | 10 | 10 |
| Annual Percentage Rate (APR). Rates shown are as of today and are subject to change. Rates are fixed and interest is calculated using the simple interest, Actual/360 method. | 0% | 5.99% | 7.99% | 5.99% |
| The Amortization or Repayment schedule is monthly principal and interest payments. (Hover over “Yes” to see loan examples.) | Yes | Yes | Yes | Yes |
| Loan Amount | ||||
| Maximum Loan Amount | $25,000 | $25,000 | $25,000 | $7,500 |
| Minimum Loan Amount | $0 | $0 | $0 | $0 |
| The maximum loan amount cannot exceed the eligible net project costs (the total cost of the project less the anticipated rebate amount). | Yes | Yes | Yes | Yes |
| Maximum Unsecured Consumer Borrowing Amount Depending on their creditworthiness, each residential borrower will have a maximum borrowing capacity from Efficiency Maine Green Bank across all residential programs (“Maximum Unsecured Consumer Borrowing Amount”). |
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| Maximum Unsecured Consumer Borrowing Amount (per borrower) when the borrower meets the following criteria: maximum Debt-to-Income Ratio (DTI) of 55% and minimum average FICO score of 620. | $25,000 | $25,000 | $25,000 | $25,000 |
| Maximum Unsecured Consumer Borrowing Amount (per borrower) when the borrower meets the following criteria: Maximum Debt-to-Income Ratio (DTI) of 70% and a minimum average FICO score of 580. | N/A | N/A | N/A | $7,500 |
| Underwriting Criteria | ||||
| Maximum Debt-to-Income Ratio (DTI) | 55% | 55% | 55% | 70% |
| Minimum average FICO score | 620 | 620 | 620 | 580 |
| A record of previous delinquency, default, or write-off may result in denial of credit. | Yes | Yes | Yes | Yes |
| Collateral Requirements | ||||
| Home Energy Loans are unsecured loans based solely on the Borrower’s creditworthiness. No lien or security interest in real property or equipment is required. Efficiency Maine takes a security interest in any Efficiency Maine rebates or incentives payable to the borrower. | Yes | Yes | Yes | Yes |
| Funding Requirements | ||||
| All loan documents must be fully executed by the Borrower. Unless expressly stated in writing, in the sole discretion of Efficiency Maine, loan documents must be fully executed within 60 days of the Credit Authorization document being executed. | Yes | Yes | Yes | Yes |
| Project Work Scope must be fully executed by the Borrower and Contractor. | Yes | Yes | Yes | Yes |
| Project Completion Certification must be fully executed by the borrower and Contractor. Unless expressly stated in writing, in the sole discretion of Efficiency Maine, the project must be installed within 120 days of receiving Notice to Proceed. | Yes | Yes | Yes | Yes |
| The project must be performed and installed in accordance with applicable program requirements. | Yes | Yes | Yes | Yes |
| Disbursements will be made directly to the Contractor on behalf of the borrower after project completion. | Yes | Yes | Yes | Yes |
Commercial Loan
As an Approved Contractor of the National Energy Improvement Fund, we have met NEIF’s standards of commitment to quality work and customer service, financial stability and personal integrity. We offer our customers trusted, transparent and affordable monthly payment options for upgrades that make your business more energy efficient.
6% – 10% commercial rate (4.5% – 7% for Non-Profits) for 1 – 7 year terms.
100% financing available, no money down.
Cash Flow Positive Financing Options
For many customers, energy upgrades will immediately lower their monthly energy costs and will often exceed their finance payment.
Stay Liquid
Save cash for your core business. Budget for a fixed monthly payment.
Stay Flexible
NEIF financing coexists with existing or new debt. You do not need to put up real estate for security.
Approval in 1 – 2 business days, final funding within 2 business days after project completion
Contact Us
Have a question, want to schedule a free in-home consultation with one of our expert Design Consultants, or do you need some help with your heat pump? Fill out one of these forms below and we'll get back to you! If you do not hear from us, please check your spam folder or call our facility!
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