Michigan Saves enables more than $175 million in green investment, seeks to expand access
LANSING, Mich. — Michigan Saves, the nation’s first nonprofit green bank, saw explosive demand in 2018 for energy-efficiency and renewable energy improvement projects in homes and commercial buildings across the state.
Through January, Michigan Saves surged past $175 million in energy financing, increased its residential loan volume by 67 percent and saw a 30 percent increase in its commercial loan portfolio.
This tremendous growth was marked by another significant milestone in which the organization and its lending partner, HBC Energy Capital — a division of the National Energy Improvement Fund — financed Michigan Saves’ largest commercial energy improvement project to date at $2.5 million.
“Our state has recently experienced record-breaking severe weather,” said Mary Templeton, Michigan Saves president and CEO.
“Whether they know it or not, our customers have been preparing themselves by fortifying and protecting their buildings with efficiency measures.”
Michigan Saves was created by the State of Michigan in 2009 to serve as the state’s green bank. Since then, the organization has successfully leveraged private dollars to build residential and commercial programs that are at scale, turnkey and available to every Michigan resident who consumes energy.
“Even though our green financing services are among the best in the nation, it’s not enough,” said Templeton. “We must do more to make them accessible to underserved markets. We look forward to working with many partners who are willing to help monetarily support those efforts. We have set an ambitious goal to finance $1 billion in green financing by 2023. With the support of our partners, we have every intention of achieving that and moving toward a clean energy landscape that all Michiganders can participate in.”
DTE Energy, one of Michigan Saves’ utility partners, has stepped in to help support expanded access to energy improvements in what is the first of many initiatives. DTE is sponsoring Michigan Saves’ revolving loan fund and rebate program that provides low-interest financing and special rebates for energy-saving home improvements to qualified low-to-moderate income homeowners within DTE’s electric and gas service territories.
“DTE is committed to bringing reliable and affordable energy to Michigan residents, and we’re proud to partner with Michigan Saves to expand energy solutions for our customers, especially those most at risk and in need,” said John Boladian, director of energy waste reduction for DTE Energy.
Over the last month, the state has been hit by harsh and tumultuous winter weather. One of the best defenses against severe weather, hot or cold, for homes and commercial buildings is to make them energy efficient. Michigan Saves can help energy consumers easily and affordably make energy upgrades in their homes and businesses to stay comfortable all year long.
About Michigan Saves
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 photovoltaic projects. For more information, visit www.MichiganSaves.org.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on natural gas pipelines, gathering and storage, power and industrial projects, renewable natural gas, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2050 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.