Michigan Saves is a nonprofit organization dedicated to making energy improvements easy and affordable. Michigan Saves works with a network of partnerlenders to offer the Michigan Saves Home Energy Loan Program and is designing additional financing for programs for commercial, institutional, and renewable eneprojects. Michigan Saves manages a loss loan reserve fund to provide lenders default support and maintains a network of authorized contractors that promote the loan program to customers.
Affordable Rates And Terms:
- Unsecured personal loans of $1,000 to $12,500 at fixed annual percentage rate of no more than 7% and as low as 5.50%
- Extended loan terms of one year per $1,000 up to $4,999; customer can pick term up to 10 years for loans $5,000 and higher
- Michigan Saves authorized contractors provide customers information on the financing options and initiate the loan process for customers using credentials provided by Michigan Saves
- One-Stop Web and phone-based loan application system with quick decisions
- Owner-Occupied, single family (1-4 units), primary residence
- Improvements must be installed by Michigan Saves authorized contractor.
- Eligible improvements consist of energy efficiency measures recommended by a comprehensive, whole-house energy assessment conducted by a certified auditor or those on an a' la carte list of prequalified improvements. Typical improvements include air duct sealing, insulation, appliances, furnaces, and windows and doors.
- Weatherization improvements and insulation must be conducted under the whole-home audit-based option that includes "test in" and "test out" procedures.
- Solar PV and new Geothermal systems do not currently qualify for financing; loans can be used for solar thermal, solar hot water, and replacement of existing geothermal systems.
- See the A' La Carte Eligible Measures List and Implementation Guide at www.michigansaves.org for details.