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Michigan Saves - Home Energy Loan Program

Eligibility 
Residential
Savings Category 
Solar Water Heat
Solar Thermal Electric
Solar Photovoltaics
Geothermal Heat Pumps
Clothes Washers
Dishwasher
Refrigerators/Freezers
Dehumidifiers
Ceiling Fan
Water Heaters
Furnaces
Boilers
Heat Pumps
Air conditioners
Caulking/Weather-stripping
Duct/Air sealing
Building Insulation
Windows
Siding
Roofs
Custom/Others pending approval
Other EE
Yes; specific technologies not identified
Tankless Water Heater
Program Info
Sector Name 
Non-Profit
Administrator 
Michigan Saves
State 
Michigan
Program Type 
Loan Program
Summary 
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 through an authorized contractor. 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.

Participating lenders offer an unsecured loan for amounts between $1,000 and $30,000, at a fixed annual percentage rate (APR) no higher than 6.99%, with no prepayment penalty. Statewide coverage of 4.99% APR is now available. Select areas offer as low as 4.25% APR based on credit. Loan terms are one year for every $1,000 up to $4,999. For loans $5,000 and higher, 10-year terms are an option.