Energy Efficiency Financing Available for Maryland Homeowners

Maryland offers up to $15,000 in unsecured loans to help residents improve the energy efficiency of their homes through the Be SMART Home program.

The program features two options for homeowners looking to do most anything to increase their dwelling’s energy efficiency, from replacing an aging refrigerator to improving the “whole home envelope,” which involves sealing air leaks and increasing insulation.

Be SMART Home Energy Star financing provides an unsecured loan at a 6.99 percent interest rate to replace heat pumps, central air conditioning units, windows and doors, refrigerators or ventilating fans with Energy Star-qualified products. The work must be performed by a Be SMART Energy Star-approved contractor.

If your home needs more work, the Be SMART Home Complete program can fund larger projects, including insulation, furnace repair or replacement, retrofitting lighting systems, reducing air infiltration and more. This option offers a 4.99 percent interest rate, and requires the use of a Be SMART Home Complete contractor. A contractor from the list must also perform an energy audit.

There are some minimum qualifications a homeowner must meet to qualify for one of these loans:

• Verifiable income.
• A credit score of 640 or better.
• A debt-to-income ratio up to 50 percent.

To learn more, click here for the BE SMART Home program brochure.

If you are ready to apply, click here to download the pre-qualification form or here to download the loan application.