THE MINNESOTA ENERGY LOAN

If you're considering home improvements, why not include features that will make your home run more efficiently? You'll save money, make your home more comfortable, and improve the environment. The Neighborhood Energy Connection is pleased to offer the Minnesota Energy Loan, a low-interest financing tool for energy improvements plus general home remodeling. Available statewide, the Minnesota Energy Loan can be used to qualify for the Energy Saver Rebate! 

To take advantage of the Minnesota Energy Loan:

1. Contact the NEC at 651-221-4462 ext. 132. Your home improvement plans must include at least one of the recommendations from a home energy audit (see Step 2).

2. Schedule a home energy audit.  An energy auditor will come to your home, evaluate your energy consumption history, and diagnose areas for energy improvements, including attic, exterior walls, windows, basement, furnace, air conditioner and hot water heater. You can even finance new renewable energy systems, including equipment for geothermal heating/cooling; solar hot water heaters, photovoltaic/solar electric, and more. Your energy auditor may recommend any of the following energy-efficiency improvements:
·  Air conditioner replacement
·  Furnace replacement
·  Kitchen and bath fans
·  New windows
·  Insulation-attic, wall, basement, or rim joist
·  Water heater replacement
·  Hard-wired lighting replacement or ceiling fans
·  Caulking, foaming, weatherstripping and other weatherization

You'll receive a written report identifying recommended energy improvements and their correlating energy savings potential. If you are an Xcel Energy gas customer, you may qualify for a reduced rate on your energy audit. Call Xcel directly at 1-800-895-4999 to request the energy audit. If you are not an Xcel Energy customer, contact the NEC at 651-221-4462 Ext. 132.

3. Make improvements to your home.  Once you've gathered bids, selected your contractors, and have been approved for financing, you're ready to make some real changes. The NEC may be able to assist you with contractor referrals or bid reviews, just ask!

4. Request a Follow-Up Inspection.  In some cases, you may wish to have an energy expert return to your home to make sure the work was done correctly. Please call the NEC to schedule this optional service.

 Other Terms of the Minnesota Energy Loan

• 5.750% Fixed Rate
• Heating and air conditioning equipment and insulation installation must meet efficiency standards
• $96,500 household income maximum
• $35,000 maximum loan amount
• Single family homes, duplexes, even quads qualify!
• All Minnesota Energy Loans are secured by a mortgage on the property.   

How much does the Minnesota Energy Loan cost?
Costs include a 1% origination fee, a small document preparation fee, and a credit report fee.

APPLICANT CHECKLIST

• Complete all sections of the application; repayment is figured at $1,000 per year
• Attach two copies of current paycheck stubs within the last 60 days and most recent W2
  - if self-employed, last 2 years Schedule C
  - if retired, provide 2 months worth of copies of bank statements showing direct deposit of Social Security and Pension
• Attach a copy of the bid you will be using for the work
  - Do-It-Yourselfers should obtain an estimate from a supplier showing cost of materials and submit it with the application
• Attach a signed Contractor Warranty
• Attach a copy of your most recent County Property Tax Statement
• Don’t forget a copy of the Energy Audit you had done. You must finance at least one significant energy recommendation from your audit.
  
• PLEASE DO NOT FAX YOUR LOAN APPLICATION TO THE NEC. Send originals through the mail or deliver them to our office for best service.

Application and Contractor Warranty forms can be downloaded from the right-hand column on this page.