Home Energy Loan Program

Michigan Saves believes comfortable homes and low energy costs should go hand in hand. That’s why we created the Home Energy Loan Program—one of the most powerful tools in the country—designed to help you take control of your energy costs. With low-interest financing options available to residents across the state, there’s never been a better time to join the thousands of Michigan families who’ve found success with Michigan Saves.

Read the stories of real people who’ve made their houses efficient homes and get started with us today. What will you spend your energy on when you stop wasting?

Getting started is as easy as 1-2-3

One

Select a Contractor

Select a Michigan Saves authorized contractor to get an estimate on qualifying energy improvements.

Find a ContractorFind a Contractor
Two

Apply for Financing

Once you have an estimate and your authorized contractor’s six-digit ID number, simply apply online.

Apply OnlineApply Online
Three

Approval

Once the loan is approved, your contractor installs the improvements and is paid—after the work is completed to your satisfaction.

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Available Lenders and Offerings

Loan terms are one year for every $1,000 up to $4,999. For loans $5,000 and higher, customer may select term up to ten years (or higher if applicable). There are no annual or early repayment fees.’

Lender FICO Credit Score Minimum Maximum Fixed Rate Terms (months) Counties Served
FreeStar Financial Credit Union 640+ $1,000 $4,999 5.25% APR 60 Genesee, Lapeer, Lenawee, Livingston, Macomb, Monroe, Oakland, St. Clair, Washtenaw, Wayne
$5,000 $15,000 5.50% APR 120
Genisys Credit Union 600-639 $1,000 $7,500 7.00% APR 120 All Michigan counties
640+ $1,000 $30,000 5.50% APR 120
720+ $15,000 $30,000 5.75% APR 144
Lake Michigan Credit Union 640+ $1,000 $30,000 5.50% APR 120 All lower peninsula counties
720+ $12,000 $40,000 5.75% APR 144
LAFCU 600-639 $1,000 $7,500 7.00% APR 60 Barry, Calhoun, Clinton, Eaton, Gratiot, Ingham, Ionia, Jackson, Livingston, Montcalm, Shiawassee
640+ $1,000 $30,000 5.49% APR 120
MSU Federal Credit Union* 600-639 $1,000 $15,000 7.90% APR 120 Entire lower peninsula for MSUFCU preferred contractor network
640+ $1,000 $50,000 5.90% APR 120
$30,000 $50,000 6.90% APR 180
Washtenaw Federal Credit Union 640-699 $1,000 $30,000 4.99% APR 120 Washtenaw
$30,001 $40,000 5.24% APR 180
700+ $1,000 $30,000 4.25% APR 120
$30,001 $40,000 4.50% APR 180

*Lender does not participate in the centralized loan application center. Please contact your contractor to apply.

My Estimated Monthly Payment

Enter your interest rate, loan term, and amount to see what your monthly payments will look like.*

*Actual rates, terms, and loan amounts vary and are dependent on the lender you choose and your creditworthiness.

OR

Incentives

Thanks to our partnerships with Consumers Energy and the Lansing Board of Water & Light (BWL), Michigan Saves is offering special financing for eligible measures under the Home Energy Loan Program. For a limited time, electric gas customers of BWL who are also natural gas customers of Consumers Energy can take advantage of 0.0% APR financing. Tap the flyer for more details!

Consumers Energy and Board of Water and Light logos

BWL and Consumers Energy Residential Financing Flyer

Frequently Asked Questions

What is Michigan Saves financing?

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.

What finance rates and terms are available?

Homeowners are eligible for rates ranging from 4.99% to 7% APR, though most customers finance at 5.50% APR. Terms are available up to 12 years with loan amounts ranging from $1,000 to $40,000. Actual rates, terms, and loan amounts vary and are dependent on the lender you choose and your creditworthiness.

What can I use the financing for?

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. Non-energy–related improvements can be included in the financing if the improvement is necessary to complete a qualified energy project.

Can I do the work myself?

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 are already working with or know a contractor you’d like to work with, they can apply to become authorized by Michigan Saves.

Are there any early repayment penalties?

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.

How long are credit approvals valid?

Loan decisions are valid for 60 days. Your energy improvement project must be completed and your loan agreement signed within 60 days of receiving approval. 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.

Will my interest rate or term ever change?

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.

Is income verification required?

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.

Can I apply with a co-applicant?

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

What can I do if I was denied?

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.

How do I get started?

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 or by calling 877-867-8522.

Learn More

See the wide range of residential energy improvements you can use our financing for. View the full list of eligible measures

Read the stories of real people who've found with success with Michigan Saves. What our customers have to say