|Incentive Type:||State Loan Program|
|Eligible Efficiency Technologies:||Clothes Washers/Dryers, Dishwasher, Refrigerators, Dehumidifiers, Ceiling Fan, Water Heaters, Furnaces, Boilers, Heat pumps, Central Air conditioners, Caulking/Weather-stripping, Duct/Air sealing, Building Insulation, Windows, Siding, Roofs, Custom/Others pending approval, Yes; specific technologies not identified, Tankless Water Heaters, Solar Water Heat, Solar Thermal Electric, Photovoltaics, Geothermal Heat Pumps, Daylighting|
Maximum APR: 7%
No prepayment penalty
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.