Energy Loans - BeSmart

BeSMART Energy Efficiency Loan for Homeowners Main_Content ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​The BeSMART Home Loan Program provides financing to improve the energy efficiency and comfort of your home. By replacing and upgrading and cooling systems, and whole house envelope improvements – homeowners can save on the utility bill. Loan Terms Rate is 6​.99% APR​ Up to $30,000 in financing is available for energy efficiency measures for a term up to 10 years. Minimum loan amount is $5,000. BeSMART cannot finance projects or upgrades that are already purchased or already completed. Eligible Applicants The BeSMART loan is an unsecured loan based on verification of credit and ability to pay. Maryland homeowner Credit score of 640 or greater Debt to income ratio that does not exceed 50%​ Eligible​ Energy Saving Measures Insulation and air sealing (MD Homeowners may qualify for Grants through EmPOWER Program​ - Income Limits apply) ENERGY STAR® heating and cooling systems ENERGY STAR® hot water heating equipment ENERGY STAR® appliances​, windows, doors Lighting and controls Programmable and smart thermostats Ceiling fans and ventilation fans Geothermal heat pumps Solar photovoltaic* Health and safety costs related to energy improvements ** Other improvements identified in a certified energy audit​ *Financing for solar photovoltaic installation is capped at a 1:1 match to the cost of energy efficiency measures. **Up to 25% of the cost of the energy measures can be used to complete health and safety improvements that are necessary for the energy improvements – including ventilation, radon mitigation, abating asbestos, mold or lead, and code compliance. Borrowers may be required to pay for any costs not covered by this percentage to complete the project .​ Application Process​ Submit the online BeSMART Loan Application​. ​Email all required income documentation to get pre-approved on a financial basis. ​​Submit project specifications - including scope of work, contractor estimates, and ENERGY STAR® equipment specifications. Complete loan documents - Once the specific project is approved, the loan documents provided by DHCD must be signed and notarized. Start your project – the project kicks off with an initial draw of funds to start work. Complete your project – You and your contractor will confirm work has been completed to specifications, your contractor will submit photos, and you will both sign a Certificate of Completion for the final draw to be issued. Application Complete the online application or email us at BeSmartHome.​d​ [email protected] ​ to request a paper application. ​Application ​​​ ​ Resources BeSMART Frequently Asked Questions (FAQs) ​ Contact Information​ Program: BeSMART Home Loan Program Community Development Administration Email: BeSmartHome.​d​ [email protected] ​ Phone: 301-429-7402 Center_Content

Eligible Applicants The BeSMART loan is an unsecured loan based on verification of credit and ability to pay.