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Michigan Saves Easy, Affordable Financing

Michigan Saves is a nonprofit, public-private partnership green bank that provides easy and affordable financing for energy efficiency improvements. With a 24/7 loan application center and a ten-minute loan approval process, customers can access fixed-rate loans starting at 4.99% APR. Eligible improvements include air sealing, insulation, solar PV, roofing, and more. The program also offers financing for commercial and public sector projects, as well as affordable housing initiatives. Contact Michigan Saves at 517-484-6474 or info@MichiganSaves.org.

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Michigan Saves Easy, Affordable Financing

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  1. Michigan SavesEasy, Affordable Financing

  2. What is Michigan Saves? Government and Utilities Contractors Lenders Customers • Nonprofit, public-private partnership green bank • Process driven by research and stakeholders • Loss reserve for lenders • Oversight of authorized contractors • Program guidelines and quality control • Demand for energy efficiency through outreach and incentives

  3. Michigan Saves Residential Loan Features (owner-occupied) • 24/7 loan application center • Ten-minute loan approval process • Simple, fixed rate—no teaser rates—better deal for customers • Lower rates—now starting at 4.99% APR • Higher dollar value—up to $50,000 • Longer terms—up to 15 years • Low cost for contractors • No penalty for early payoff • Underwriting: • Credit Score: 600 and above • Debt to Income Ratio: 50 percent or less • No bankruptcies within the last year

  4. What Qualifies for Financing? • Eligible improvements • Air sealing and insulation • Boilers • Electric vehicle charging stations • Furnace and air conditioning • Geothermal systems • Roofing • Solar photovoltaic and solar thermal • Water heaters • Windows and doors • And more • Health, safety, and preexisting environmental hazards • Remediation work must be coupled with an appropriate efficiency measure related to the remediation • Asbestos remediation with new boiler installation • Knob-and-tube wiring removal with wall insulation • Roof repairs with attic insulation

  5. Residential Utility Collaboration • Interest rate buydowns: • Lansing Board of Water & Light / Consumers Energy  0% APR for 48 months • Programs: • Holland On-Bill Loan Program (Holland Board of Public Works and Holland Energy Fund) • New Pilot Program for single family rentals in Washtenaw County launching in 2019 • Landlord responsible for holding the loan

  6. Commercial and Public Sector Energy Financing “In the end, we were convinced by the numbers. We did this project to save money, and we’ve been really happy with the project.” — Sam Bahoura Liberty Food Center Financing for energy-efficiency and renewable-energy improvements • Equipment financing agreement, loans, leases • $5,000 to $2,000,000 (larger projects are considered on a case by case basis) • Available to all types of businesses, non-profits, public sector and multifamily housing • Fast, easy process • Rates start at around 6.00% NEW: Extended terms – up to 20 years! NEW: Solar Power Purchase Agreements Utility Collaboration: • Consumers Energy  1.99% APR for 24 months • DTE Energy  1.99%/2.99% APR for 24/60 months

  7. Affordable Housing Financing – NEW!! Solar Power Purchase Agreements and Development Loans are also available Residential or Mixed-Use Properties • Five or more residential units • Serves low and moderate income residents • Community-based nonprofits • Up to $2,000,000 • Term: up to 20 years • Fixed rate, no penalty for prepayment • Available for energy efficiency, renewable energy, and health and safety remediation In partnership with Inclusive Prosperity Capital Intended to serve property owners interested in making improvements mid-funding cycle

  8. LED Lighting HVAC Refrigeration Kitchen/cooking equipment Controls and preventive maintenance Insulation, windows, and doors Custom measures, with whole building audit Solar photovoltaic systems Typical Commercial Improvements “We would not have been able to afford all the lights upfront. But because of the financing option, we’re able to save money and make our art look spectacular, too.”– Amy Zane Amy Zane Store & Studio

  9. Thank you! • Facebook: facebook.com/michigansaves • Twitter: @MichiganSaves • Newsletter: MichiganSaves.org/smartenergy • www.MichiganSaves.org Phone: 517-484-6474 | Email: info@MichiganSaves.org

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