What is Michigan Saves financing?

Michigan Saves financing is financial capital made available to customers through a network of lenders that offer favorable rates and terms based on a negotiated contract. Our programs help Michigan residents reduce costs by financing energy improvements for their home and commercial properties.

What are the current finance rates and terms available?

Contractors can offer any of our financing programs, which include residential and commercial. See our residential financing and commercial financing information for the most up-to-date rate and terms.

What types of energy improvements can I use the financing for?

Most energy improvements can be financed, including renewable energy, water efficiency, and battery storage. Contractors can recommend custom energy-efficiency measures as well. For complete lists of eligible improvements, see our residential and commercial eligible measures.

How do I become an authorized contractor?

Enrolling is easy. Follow these simple steps to join our contractor network and gain exclusive rights to offer Michigan Saves financing, grow your business, and help your customers make affordable energy improvements.

What does it cost contractors to participate?

To become authorized in either the residential or commercial program, there is a one-time, nonrefundable fee of $50. To become authorized in both programs, the fee is $75. For each financed project, there is a 1.99% fee assessed (sometimes less for commercial projects), which is less than what you would pay if your customers used credit cards or other forms of financing.

I submitted my project for approval. How do I receive payment and how long does it take?

Contractors are always paid directly from the lender, minus any contractor fees (up to 1.99%). Several of our lenders offer direct ACH payment. Please let us know if you would like to receive your funding electronically, rather than receiving a mailed paper check. Pending complete contractor and customer paperwork, you can expect to receive funding within five to seven business days. If you believe that funding has not occurred within ten to 14 business days of your project being completed, please contact us directly so we can investigate.

I’ve completed a project, but don’t see it in the portal. How do I get paid?

Projects within the online portal are created by the contractor and not currently tied to the centralized loan application center. To create a new specification sheet:

  1. Click the correct program (residential or commercial) button from the menu at the top of the page
  2. Click the “New Spec Sheet” button and complete the form
  3. Attach the signed Certificate of Completion to the specification sheet and hit the “Submit for Approval” button at the bottom of the page

Upon submission, a copy of the Certificate of Completion and the specification sheet will automatically be sent to the lender, notifying them that the project is complete

You can also watch this short video for step-by-step instructions.

I received a “pending” loan decision email. What do I do next?

Please wait until you receive the final decision confirmation from the lender before ordering equipment and/or proceeding with installation. A “pending” application decision most likely means that the customer needs to provide proof of income to the lender; however, this could also mean the lender flagged an issue that needs to be investigated further with the applicant. If possible, please encourage your customer to follow up with the lender listed on the email to provide requested documentation (e.g. proof of income, driver’s license). The lender will call the customer within the next business day with further instructions. The lender will then provide the customer with a letter confirming their final application decision. You will be copied on this letter if the customer gave the loan application center their authorization to share their loan decision with you.