Home Energy Improvements

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 families and households reduce costs by financing air sealing, heating and cooling systems, insulation, appliances, and more. Homeowners make the upgrades with the help of our authorized contractors through an authorized lending partner.

Michigan Saves negotiates highly competitive rates and terms for personal unsecured loans with Michigan credit unions. Actual rates, terms, and loan amounts vary and depend on the lender you choose and your creditworthiness. Current offerings are available here.

Most energy improvements can be financed, including renewable energy sources. You may also review a full list of eligible improvements on our website. The most common residential improvements include insulation, air sealing, furnace or boiler replacement, windows, energy-efficient roofs, and appliances. Improvements that are not energy related can be included in the financing if the improvement is necessary to complete a qualified energy project.

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 already have a contractor in mind, they can apply to become authorized by Michigan Saves.

There is no penalty for early repayment, and you will only pay for interest that has already accrued. Many customers take the longest term possible to ensure the smallest fixed monthly payment and then repay the loan early to save on interest charges.

Most loan decisions are valid for 90 days. Your energy improvement project must be completed and your loan agreement signed within 90 days of receiving approval. (Some lenders offer a 120-day completion timeline—please check with your lender if additional time is needed to complete the project.) If the project or loan documents are not completed within this time frame, the lender may repull credit and reevaluate the loan application. Be sure to communicate any changes regarding the scope of the project or time frame to your lender right away.

No. All interest rates and terms are fixed.

In some instances, lenders may allow for a one-time reamortization for solar loans. In those cases, the interest rate and term are subject to the current offerings available. You will be able to decide whether to keep your current loan arrangement or to reamortize using current rates and terms.

When applying, you will be asked to provide your individual gross yearly income. If further clarification is needed, you may be asked by the lender to provide proof of income through a pay stub, W-2, or other documentation.

Michigan Saves is available to owner-occupied, single-family homes that are less than four attached units. We can also provide financing for cottages or second homes and rental properties as long as the owner(s) of the property is the applicant. We do not finance projects for occupants on land contracts.

Yes, applicants within the same household may jointly apply. Alternatively, another member in the household may apply if the original applicant is declined.

You may reapply with another household member or you can also try again after 30 days. We also suggest that you contact your electric or gas utility provider, as there may be programs available that provide low- or reduced-cost equipment for qualified customers.

Yes! Michigan Saves financing is available for manufactured homes and trailers as long as you are the owner, not the renter. Even if you rent the lot that the home sits on, as long as you own the home, you are still eligible to apply for Michigan Saves financing.

The first step is to find a Michigan Saves authorized contractor in your area. You cannot access our financing without an authorized contractor, so this is your starting point. On our website, you can search for authorized contractors. Once your contractor evaluates your project, they will provide you with a quote and their authorized contractor identification number. You may then apply online.