FOR IMMEDIATE RELEASE
Tanya Baker, Marketing and Communications Director
LANSING, Mich. — Michigan Saves, the nation’s first nonprofit green bank, was included today in Governor Whitmer’s proposed 2021 budget, calling for a one-time $5 million appropriation.
According to the governor’s executive budget recommendation, the General Fund allocation is intended “to leverage private investment in clean energy improvements for Michigan’s residents and businesses. By providing a credit enhancement to lenders, the green bank incentivizes lenders to provide more favorable rates and terms for renewable energy improvements benefitting property owners and the environment.”
As of December 2019, Michigan Saves has enabled more than $230 million in clean energy financing, while supporting job creation and energy independence. 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 and available to every Michigan resident who consumes energy.
“We commend Governor Whitmer’s recommended investment in Michigan Saves as part of the administration’s efforts to support a cleaner environment in Michigan,” said Mary Templeton, Michigan Saves president and CEO. “Affordable energy-efficiency and renewable energy improvements are key components to creating a clean energy landscape that all Michiganders can participate in and benefit from, and our credit enhancement model is a powerful financing solution supporting that goal.”
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.