Michigan Saves - Home Energy Loan Program (Michigan)
Last modified on February 12, 2015.
Financial Incentive Program
|Name||Michigan Saves - Home Energy Loan Program|
|Incentive Type||State Loan Program|
|Eligible Technologies||Boilers, Building Insulation, Caulking/Weather-stripping, Ceiling Fan, Central Air conditioners, Clothes Washers, Custom/Others pending approval, Dehumidifiers, Dishwasher, Doors, Duct/Air sealing, Furnaces, Heat pumps, Refrigerators, Roofs, Siding, Water Heaters, Windows, Room Air Conditioners, Geothermal Heat Pumps, Passive Solar Space Heat, Solar Thermal Electric, Solar Water Heat, Unspecified technologies|
|Energy Category||Energy Efficiency Incentive Programs, Renewable Energy Incentive Programs|
|Terms|| 12-120 months
Maximum APR: 7%
|Program Administrator||Michigan Saves|
|Date added to DSIRE||2011-02-15|
|Last DSIRE Review||2012-06-01|
Michigan Saves is a non-profit that offers financing options for energy efficiency improvements throughout Michigan. The Home Energy Loan Program was started with seed funding from the Michigan Public Service Commission. Loans are available for owner-occupied, single-family homes with 1-4 units (primary or secondary residences) for energy efficiency improvements. Multi-unit homes are only eligible if the owner resides in one of the units. In addition to energy efficiency improvements, solar thermal, solar water heaters, and PV systems between 1 kW and 20 kW in size are eligible for loans. Loan applications can be completed over the phone or internet. Applicants must have a credit score of 640 or higher, and have a debt-to-income ratio of less than 50%. Term lengths are flexible (between 12 and 120 months) and depend on the loan amount and the borrower's preference. Michigan Saves also offers a Home Mortgage Program, which allows homeowners to finance energy-savings improvements through their mortgage when they are buying a home or refinancing.
|Contact Name||Terri Schroeder|
|Address||600 West Saint Joseph St.|
|Address 2||Suite 10|
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.