FAQs
Q. Can I have more than one loan at a time?
A. No, you may only have one outstanding zero-interest loan, but you may finance multiple projects in one loan.
Q. Can I use the loan for new construction?
A. No, funds may only be used for existing homes.
Q. I've already ordered a new furnace for my home. Can I get a zero-interest loan to pay for it?
A. Loans are only for future projects, not ones that have already been started or completed. Work on a project funded by a zero-interest loan may only begin after the loan has been approved.
Q. Can I use the loan to complete more than one project?
A. Yes, a single loan may include more than one project. For example, you could borrow money to remove a wood stove and install attic insulation, providing you do not exceed the maximum loan amount of $2,300 ($3,000 for some air quality projects).
Q. Why do I need to have an efficiency audit completed for an energy loan?
A. The audit is required so you can better understand how your home was built, identify defects in construction that may be causing excess energy use or comfort problems, and prioritize actions that will help you reach your efficiency goals. Audits also provide the participating contractors with critical information about the home's construction.
Q. Am I required to do the most cost-effective energy improvements if I receive a zero-interest loan?
A. No. You can complete any improvement(s) that meet the loan requirements.
Q. Do I have to use the "low-bid" contractor?
A. No, but we encourage you to get multiple bids.
Q. Why do I have to use one of the participating contractors for energy loans?
A. These contractors have agreed to follow the rigorous installation standards required by the Home Efficiency Program, including third-party verification, and have received training specific to the standards and program requirements.
Q. Can I use the loan to replace my windows?
A. Yes, as long as you follow the requirements of the Home Efficiency Program.
Q. Can I include the cost of the efficiency audit, building permit or radon test in my loan?
A. Yes, these costs may be rolled into the loan amount.
Q. If I refinance my home, do I have to pay off the loan?
A. No. Any balance on your loan can be subordinated to your new mortgage if your loan is secured by a lien. Contact the loan administrator for more information.
Q. Can the loan be used for do-it-yourself projects?
A. No, loans are not available for do-it-yourself projects.