PACE Loan Makes Solar a Reality
Domestic hot water is a hot commodity at the Flick home, normally requiring hundreds of gallons of oil per year to ensure hot showers and clean laundry. At a solar site evaluation in late summer 2011, Pam Flick met with ReVision Energy to learn how their home might harness sunshine to offset oil consumption.
They found that roughly 30% of their total annual fuel bill was going into hot water heating. That included the significant standby losses of an oil-fired boiler that cycled on and off all summer to inefficiently heat a small hot water tank.
With oil costs over $3.50/gallon and rising, it was clear that a solar hot water system would result in substantial savings for the Flicks. Taking into consideration the number of people in the home and available solar gain, ReVision Energy designed a solar hot water system for the Flick's specific site and energy demand. However, while the long-term energy savings from solar would be in the range of 300 gallons of oil per year, the up-front cost posed an issue. Luckily, the Flicks live in a town that has approved a PACE ordinance and the system ReVision Energy proposed met the requirements for the low-cost 15-year loan program.
The process of applying for an Efficiency Maine PACE (Property Assessed Clean Energy) loan is simple. The home undergoes an energy audit with the goal of finding ways to reduce its energy consumption, and the audit’s findings (proposed modifications must result in at least a 25% reduction in the building’s total heating bill) are passed to Efficiency Maine for verification, and the loan underwriting (from AFC First) makes the project possible.
The project happens with zero upfront cost to the buyer, and the fuel delivery costs offset by the solar hot water system cover the monthly payments on the loan. PowerSavers loans are also available for homes where PACE ordinances have not been passed.
For more information regarding loans and solar energy systems, please contact ReVision Energy at (207) 589-4171, visit our website at www.revisionenergy.com, or email Jennifer at firstname.lastname@example.org.