Maine
Efficiency Maine Trust
GREEN BANK FEATURES
Bank Model
Bank Scope
State-wide
Year Est.
2021
Political Landscape
Democratic Trifecta
Initial Funding
Legislative Funding
New Instit.
Existing
Implement. Process?
LD 1659 created the Maine Clean Energy and Sustainability Accelerator as a new initiative under Efficiency Maine Trust to expand the loan programs by requiring Efficiency Maine to partner with local banks, credit unions, and Community Development Financial Institutions.
Transforming Efficiency Maine with the Accelerator will substantially increase the availability of loan funds while decreasing interest rates and reducing barriers like credit scores and income requirements. LD 1659 requires that at least 40% of funds be invested in vulnerable communities, including low- income communities, communities of color, and tribal communities.
More Info
FOCUS
Finances commercial and industrial projects. Green Solutions Include: Appliances, Electric Vehicles, Heating and Cooling, Insulation, Lighting, Renewables, Water Heating.
"Built a network of “Qualified Partners” with various Industry professionals like experienced vendors, contractors, suppliers and energy professionals. The QP gives gives borrowers a quote and helps apply for green financing."
APPROACH
The Efficiency Maine Trust (the Trust) is the administrator for programs to improve the efficiency of energy use and reduce greenhouse gases in Maine. The Trust serves all sectors and all regions of the state. Its suite of nationally recognized programs provides consumer information, discounts, rebates, loans and investments for high-efficiency, clean energy equipment and strategies to manage energy demand. The Trust is a quasi-state agency governed by a Board of Trustees with oversight from the Maine Public Utilities Commission.
GOALS
Finances commercial and industrial projects for businesses: for profit or nonprofit, Municipalities, education facilities Manufacturing and other industrial facilities, Other non-residential facilities and Multifamily and condominium buildings with five or more units. Green Solutions Include: Appliances, Electric Vehicles, Heating and Cooling, Insulation, Lighting, Renewables, Water Heating. Commercial and Industrial Prescriptive Initiatives: Efficiency Maine has programs for businesses of all sizes, including multifamily buildings with five units or more and Maine’s largest energy customers. At Home Energy Efficiency Upgrades: Efficiency Maine offers home energy loans to help income-eligible homeowners pay for energy upgrades, all without fees and with interest rates as low as 5.99%. Qualifying homeowners can borrow as much as $7,500 for unsecured loans.
PRODUCTS AND PORTFOLIO
WEBSITE: Click Here HQ ADDRESS: 168 Capitol Street Suite 1 Augusta, ME 04330-6856 EMAIL: info@efficiencymaine.com PHONE: 1-866-376-2463 FACEBOOK: No LINKEDIN: No TWITTER: Yes INSTAGRAM: No TIKTOK: No NEWSLETTER: Yes BLOG: Yes
CONTACT INFORMATION