Multifamily 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 multifamily housing developments reduce costs by financing energy-efficient lighting, heating and cooling systems, insulation, appliances, water heaters, and more. Property owners make the upgrades with the help of our authorized contractors and we provide affordable financing of $2,000 to $250,000 through an authorized lending partner.
What finance rates and terms are available?
All multifamily owners are eligible for rates ranging from 6% to 10% APR. Standard finance terms are 24, 36, 48, and 60 months. For applicants with great credit, terms up to 84 months may be available. Financing of $2,000 to $250,000 is available. For larger entities with multiple properties, the $250,000 limit is per property.
What can I use the financing for?
Most energy improvements can be financed, but a full list of eligible improvements is available here. The most common commercial improvements include LED lighting, HVAC systems, insulation, and new mechanical equipment like occupancy sensors and electronically communicated motors.
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 an authorized Michigan Saves contractor by filling out an application.