Solar Energy Services, Inc. recently became an approved contractor with the Be SMART Home Loan Program. This State of Maryland financing vehicle offers unsecured loans of up to $30,000 at a 4.99% interest rate. Aimed towards Maryland residents looking to lower utility costs, improve energy efficiency and add value to their Maryland home. The following solar projects qualify:
These grid-tied solar systems give homeowners the option of purchasing more than 25yr worth of electricity at a fraction of the cost of their “rented” utility rates. Systems are purchase outright, and are eligible for the multiple financial incentives currently available.
These systems are entirely separate from solar electric (PV) systems. They are most cost-effective for a Maryland family of 4 or more who currently heats their home’s water with electric, propane or oil. They require a relatively small amount of roof space and the upfront investment is lower than solar electric.
What are the Loan Qualifications and requirements?
- Maryland resident
- Home Owner
- Verification of income
- Credit score over 640
- Debt-to-income ratio below 50%
- Completion of a home energy audit
There is up to $30,000 in financing available for eligible homeowners.
What other upgrades qualify for the Be Smart Loan program?
Other qualifying energy efficiency upgrades throughout the home could include: energy efficient roof replacement, geothermal system, air infiltration reduction measures, increased insulation, hot water system improvements, heating systems maintenance or replacement, programmable thermostats, ceiling fans, windows, doors, duct work and energy star appliance replacement.
Can any Contractor perform the work?
Contractors must be listed on the State of Maryland’s Approved Contractor List as found here: http://dhcd.maryland.gov/Residents/Documents/besmart/BeSMARTApprovedContractors.pdf
How do I Apply?
- 1. Schedule a solar site visit with Solar Energy Services, Inc.
- Submit the Be Smart Home Loan Application along with SES’s proposal of work to be performed
- Be SMART will processes your Home loan application. Approval is based on your proposal specifications, satisfactory credit and affordability
- Submit your Home Energy Audit from an Approved Contractor
- You receive Loan Approval along with the first of two project pay-outs
- Upon receipt of payment, your Be SMART Contractor, SES, moves forward with interconnection, permitting and subsequent solar panel installation.
- The final payment is provided by DHCD when the work is complete and a DHCD inspector confirms that the work meets specifications
CONTACT: BeSMART Home Loan Program
Community Development Administration
Maryland Department of Housing and Community Development