Michigan Saves is an innovative program that will make energy efficiency upgrades and installing renewable energy systems more affordable for all types of Michigan energy consumers, including businesses, local governments, schools, and residents. Michigan Saves was funded with a LIEEF grant from the Michigan Public Service Commission.
The Michigan Saves Home Energy Loan Program is being used as a model around the nation for affordable, unsecured loans for energy efficiency. There are eight participating lenders who provide loan capital at a rate of $20 for every $1 of loss reserve set aside by Michigan Saves. Customers work with an authorized contractor to apply through a central loan processor, and are approved within minutes. Over 100 loans have already been approved.
Michigan Saves will finance the installation of energy measures with no upfront cost to utility customers. Customers pay back the cost of the measures over time using utility bill savings. Michigan Saves has recently expanded to cover the whole state after the initial pilot period. Michigan Saves is expected to roll out a solar PV financial product soon.
For more info go to www.michigansaves.org.