On Friday, June 20 we were informed that the Maine State Solar Rebate has been suspended for the rest of the year due to the overwhelming interest in solar hot water systems by Maine residents. Simply put, the rebates have been gobbled up.
The good news is that they have been used up because this was a successful program and helped to encourage hundreds of people to venture towards alternative energy systems. The continual rise in fuel prices and the growing awareness of the environmental and geopolitical challenges of our dependence on fossil fuels is starting to make people look for steadfast alternatives. Solar energy systems are just that.
As the state rebates are running out, however, good loan programs are popping up. Financing an energy saving investment like a solar hot water or solar electric system, especially when done at below market rates, can result in a ‘payback’ in the very first year as your savings more than pay for your loan payments (not to mention the $2k you’ll get back on your taxes next year if you act soon).
Financing Options:
There are loans that may be available to help you finance an installation. One option, offered through the Maine State Housing Authority, is called the H.E.L.P. loan, or home energy loan program. This loan can be applied for up to $30,000 with a 3.9% interest rate for home improvements that increase the home’s energy efficiency, including solar hot water installations. Here is a link to H.E.L.P. loan info: http://www.mainehousing.org/PROGRAMSHelp.aspx?ProgramID=32
A home equity loan can be another way to fund your installation. In our experience, the monthly fuel savings from a solar hot water system and boiler control improvements can often exceed the monthly payments of a home equity loan, thereby making the investment ‘cash flow positive’ from the moment the solar hot water system is commissioned. We recommend that you contact your mortgage-holding bank to see what rates might be available. ReVision Energy has also been notified that Bangor Savings Bank is developing a targeted loan program to help homeowners fund home efficiency upgrades including solar hot water installations.
Like many of you, we wish the state rebate had not run out before summer even began. We encourage you to contact your elected officials and let them know that you think the rebate program is helpful to Mainers looking to offset their energy bills and that you want to see it re-instated as soon as possible. Follow the link below to find your elected officials:
http://www.maine.gov/portal/government/edemocracy/lookup_officials.php
At ReVision Energy we are here to help you find a system that makes sense for you. Please view our website to learn more about the installations we provide: solar hot water, solar electric systems, as well as wood or wood pellet boilers. Call us at 221-6342 to see if you have a good home for one of these systems.
Happy 4th of July to everyone – and wishing a safe return to all the men and women in service and away from home.
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