LANSING, Mich. — Michigan Saves, a nonprofit green bank dedicated to making energy improvements easy and affordable, has surpassed a major milestone by recently financing more than $100 million in energy-efficiency and renewable energy improvements. Founded in 2009, Michigan Saves has now served more than 15,000 residents around the state.
“Michigan Saves has come a long way in a relatively short period of time,” said Mary Templeton, the organization’s president and CEO. “We’ve created an entire network of contractors, lenders and partners, which is a distant dream for most states. When we set out to jumpstart an energy improvement marketplace to make smart energy projects accessible for more people—there was virtually nothing like it in the country. Even though we now have some very successful peers, it’s still a pretty small club.”
Michigan Saves has emerged as a central player in that marketplace, shaping the future of how people take control of their energy. Now, the organization is expanding their reach by adding new features and programs as well as growing its contractor base, so that even more Michiganders can benefit from safer, more comfortable spaces and smaller utility bills.
“I marvel at Michigan Saves’ growth,” said Tom Stanton, formerly a staff member at the Michigan Public Service Commission (MPSC). During his time at the MPSC, Stanton helped lead the charge to create a Michigan-based organization focusing on breaking down barriers to much-needed energy projects. “Michigan Saves has evolved into an organized powerhouse in the area of energy financing” he said.
Michigan Saves recently developed a five-year strategic plan to dramatically scale up its success in facilitating energy improvements. Central to the plan is to grow from just over $100 million in energy financing today to $1 billion in 2023. The organization aims to establish new programs that support underserved markets and expand eligible measures available to customers.
The implications of the strategic plan’s implementation means the energy marketplace is going to have a much more robust energy financing solution not just for customers, but also the contractors that serve those customers.
“I have been working with Michigan Saves to help people and businesses meet their energy needs for a number of years now,” said Brad Bartholomew of Bartholomew Heating and Cooling in Kalamazoo, a regular partner of Michigan Saves. “Their attractive financing offers give us a competitive advantage — they help us do more for our customers and invest in our own growth. That means more staff, better training and healthier bottom lines.”
“We are so thankful for Michigan Saves. It’s a win for everyone.”
Michigan Saves is a nonprofit dedicated to making energy improvements easier for all Michigan energy consumers. To accomplish this, Michigan Saves makes affordable financing and other incentives available through partnerships with private sector lenders. We also authorize and monitor a network of contractors and recognize those with advanced training. Our current portfolio includes programs for residential, commercial, multifamily and municipal customers, and supports energy efficiency, geothermal and solar PV projects. For more information visit www.michigansaves.org.