ME LD1670

Establishes a low-interest loan program through the Maine Public Employees Retirement System for current members and retirees to finance home repairs and energy improvements, including solar installations, electric vehicles, EV charging stations, and accessibility modifications

Loans capped at $25,000 per participant with interest rates not exceeding 2% annually, limited to 100% of the participant's cumulative retirement contributions, and maximum 10-year repayment terms

Repayment collected through payroll deductions for active members and pension deductions for retirees; outstanding balances may be deducted from retirement benefits upon termination or default

Fund capitalized by reallocating $25 million annually for 10 years ($250 million total) from the retirement system's fossil fuel investment holdings

Annual reporting to the Legislature required by January 1st on loan disbursements, repayment rates, default rates, and job creation resulting from program activities