The Clean Energy Advantage Loan Program offers Maryland residents served by utilities BGE, SMECO, Potomac Edison, Delmarva Power, Pepco (excluding Montgomery County), or Washington Gas a financing option for energy measures. The loan project must be combined with utility rebates (i.e., go through the applicant's utility's Home Performance with Energy Star, Home Energy Improvement Program, or HVAC rebate program) and use a participating contractor.
Loan amounts range from $3,000 up to $50,000 while funds last. 0% APR interest is available for the first 24 months with 50% rate reduction applied after 24 months. Secured loans may receive rates as low as 4.99%, while unsecured loans may receive rates as low as 7.99%. Loan term options include 3, 5, 7, or 10 years. Final approval depends on underwriting guidelines and credit scores as low as 580 may qualified.
Specific measures vary by utility rebate program. Common upgrades include A/C, heating, insulation, windows, and more.
| Implementing Sector: | State |
| Category: | Financial Incentive |
| State: | Maryland |
| Incentive Type: | Loan Program |
| Web Site: | https://www.mdcleanenergy.org/programs/0-interest-loans/ |
| Administrator: | Maryland Clean Energy Center and Montgomery County Green Bank |
| Start Date: | |
| Eligible Renewable/Other Technologies: |
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| Maximum Loan: | $50,000 |
| Loan Term: | Options of 3, 5, 7, and 10-year terms. |
| Interest Rate: | 0% APR for first 24 months and then 50% rate reduction applied after 24 months. Secured loans may receive rates as low as 4.99% while unsecured loans may receive rates as low as 7.99%. |
This information is sourced from DSIRE; the most comprehensive source of information on incentives and policies that support renewables and energy efficiency in the United States. Established in 1995, DSIRE is operated by the N.C. Clean Energy Technology Center at N.C. State University.
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