Home Energy Loan Program Frequently Asked Questions
What is Michigan Saves financing?
Michigan Saves financing is financial capital made available to customers through a network of lenders that offer favorable terms based on a negotiated contract. This program helps Michigan families reduce costs by financing air sealing, heating and cooling systems, insulation, appliances, and more. Homeowners make the upgrades with the help of our authorized contractors and we provide affordable financing up to $30,000 through an authorized lending partner.
What finance rates and terms are available?
All homeowners are eligible for rates ranging from 4.25% to 7% APR, though most customers finance at 4.99% APR. Actual rates are dependent on the lender you choose and your creditworthiness. Terms are available up to ten years with loan amounts accessible from $1,000 to $30,000.
What can I use the financing for?
Most energy improvements can be financed, including renewable energy sources, but a full list of eligible improvements is available here. The most common residential improvements include insulation, air sealing, furnace or boiler replacement, windows, energy-efficient roofs, and appliances. Non-energy related improvements can be included in the financing if the improvement is necessary to complete an energy project.
Can I do the work myself?
Michigan Saves makes it easy to process authorized contractors and easy for your own contractor to become authorized. Whichever you choose, you can work with people you are comfortable with. Michigan Saves screens energy auditors and contractors to ensure they have applicable licenses, credentials, and insurance, and understand the financing process. If you are already working with or know a contractor, they can become authorized by Michigan Saves by filling out an application.