September 16, 2020
how home improvement financing works infographic evergreen

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Nobody loves to talk about money. But when it comes to making your home a more efficient and comfortable place to live, you want to know how much it is going to cost you, and what your options are! Let’s walk through financing this example of how a home improvement project that cost $10,000 could actually end up as a monthly payments well below $100, using the available Efficiency Maine rebates and financing options.  

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The Project

In this example project, Evergreen Home Performance performed an energy audit and found this Mid Coast Maine home was in need of:

  • Attic Air Sealing & Insulation

  • Basement Insulation

  • Entry Door Replacement

The total initial cost of the project: $10,000

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The Savings & Rebates

You stand to save between $50 and $$3,500 on qualifying energy upgrades through Efficiency Maine Rebates. (You must be a Maine resident to qualify, and depending on the loan type you may need to meet minimum credit score and debt-to-income ratio requirements.)

$10,000 Project Cost - $2,500 in Efficiency Maine Rebates (basement & attic zones) = $7,500

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For the remaining balance of your project, the Efficiency Maine Home Energy Loans and the National Energy Improvement Fund (NEIF) offer both low and no interest financing options. $5,000 of the project is in home efficiency projects that Efficiency Maine Home Energy Loans can be used for. NEIF EnergyPlus Loans can be used for the entry door replacement portion of the project, at $2,500.

Efficiency Maine Home Energy Loans: borrow up to $15,000 over 10 years with no fees, and interest rates as low as 4.99% APR. 

NEIF: borrow up to $35,000 when using a NEIF approved contractor, at a fixed interest rate ranging from 7.99% to 12.99% APR, based on your credit. 

Estimated monthly payment of remaining balance of $5,000 to be financed through Efficiency Maine over 10 years: $53

Estimated monthly payment of remaining balance of $2,500 to be financed through Efficiency Maine over 10 years: $33

After rebates and employing both financing products this $10,000 project will give you a more comfortable & beautiful home for just $86 a month!

*actual monthly payment will vary based on program(s) used, and approved APR.

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Efficiency Maine & National Energy Improvement Fund (NEIF)

Nationally recognized lenders that we trust & so can you. No gimmicks, no closing costs and we do most of the paperwork for you! 

Evergreen Your Home For Low Monthly Payments

Want to know what your monthly payment would look like for your home improvement project? Get in touch with the Evergreen team today! Learn about all your options by giving us a call at (207) 594-2244 or get in touch here.

Want to know how to finance your next home improvement project?

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