Minneapolis Energy Efficiency Loan
The City of Minneapolis is offering a 0% APR loan to help residents improve the energy efficiency of their homes.
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About the Loan
- 0% APR.
- No income limit.
- Loan amounts up to $20,000.
- Terms up to 10 years.
- No down payment required.
- 1-4 unit, owner-occupied or absentee-owned residential properties located in the City of Minneapolis.
- Properties under construction, greater than 4 units, co-operatives, or used for commercial purposes are not eligible.
- Loan approval is subject to credit and program guidelines.
- The borrower must have received a Home Energy Squad visit within the last 3 years.
Subject to change at any time. APR based on loan amount of $20,000.
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Based on current rates. Qualifications apply.
- 0% APR.
- Loan amount determined by the ability to repay and credit score.
- No closing costs.
- Term determined by loan amount.
- Attic Air Sealing: Attic air sealing is a prerequisite for attic insulation loan eligibility.
- Attic Insulation: Attic insulation must be combined with attic air sealing for loan eligibility. Final insulation R-Value must be greater than or equal to R-50 when attic space allows.
- Wall Insulation: All external wall cavities must be filled with insulation.
- Cooling Systems: Only split systems and air source heat pumps with SEER >= 15, EER >= 12.5.
- Heating Systems: Only air source heat pump with >= 10 HSPF and COP (coefficient of performance) at 5degrees F >1.75 (at max capacity operation).
- Solar: This improvement is eligible if there are no recommendations at an HES visit, or after all recommendations have been completed.
- Heat Pump Electric Water Heaters.
- Health and Safety issues addressed when performing any of the work items above; system replacement due to combustion safety, radon and asbestos mitigation, knob and tube wiring and ventilation.
- 1 bid is required by a properly licensed contractor.
The current loan terms and conditions stated, including interest rates, do not constitute a commitment to lend or an offer to enter into an agreement, and that such an offer may only be made pursuant to Minnesota Statutes, Section 47.206(3) and (4).