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The U.S. Department of Energy and the North Carolina Clean Energy Technology Center are excited to announce that a new, modernized DSIRE is under construction. The new version of DSIRE will offer significant improvements over the current version, including expanded data accessibility and an array of new tools for site users. The new DSIRE site will be available in December 2014. Staff are currently working hard on the new version of DSIRE but are also maintaining the content of the current version of DSIRE. Thank you for your continued support and patience during this transition. We hope you are as excited for December as we are!

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Michigan

Michigan

Incentives/Policies for Renewables & Efficiency

Printable Version
Michigan Saves - Home Energy Loan Program   

Last DSIRE Review: 12/05/2014
Program Overview:
State: Michigan
Incentive Type: State Loan Program
Eligible Efficiency Technologies: Clothes Washers, Dishwasher, Refrigerators, Dehumidifiers, Ceiling Fan, Water Heaters, Furnaces , Boilers, Heat pumps, Central Air conditioners, Caulking/Weather-stripping, Duct/Air sealing, Building Insulation, Windows, Siding, Roofs, Custom/Others pending approval, Unspecified Technologies, Room Air Conditioners, Tankless Water Heaters, Heat Pump Water Heaters
Eligible Renewable/Other Technologies: Solar Water Heat, Solar Thermal Electric, Photovoltaics, Geothermal Heat Pumps, Daylighting
Applicable Sectors: Residential
Amount:$1,000-$30,000
Terms:12-120 months Maximum APR: 7%
No prepayment penalty
Web Site: http://michigansaves.org/
Summary:

Michigan Saves is a non-profit that offers financing options for energy efficiency improvements throughout Michigan. The Home Energy Loan Program was started with seed funding from the Michigan Public Service Commission. Loans are available for owner-occupied, single-family homes with 1-4 units (primary or secondary residences) for energy efficiency improvements. Multi-unit homes are only eligible if the owner resides in one of the units. In addition to energy efficiency improvements, solar thermal, solar water heaters, and PV systems between 1 kW and 20 kW in size are eligible for loans.

Loan applications can be completed over the phone or internet. Applicants must have a credit score of 640 or higher, and have a debt-to-income ratio of less than 50%. Term lengths are flexible (between 12 and 120 months) and depend on the loan amount and the borrower's preference.

Michigan Saves also offers a Home Mortgage Program, which allows homeowners to finance energy-savings improvements through their mortgage when they are buying a home or refinancing.


 
Contact:
  Program Information
Michigan Saves
230 N. Washington Ave., Ste. 300
Lansing, MI 48933
Phone: (517) 484-6474
E-Mail: info@michigansaves.org
Web Site: http://www.michigansaves.org/
NCSU - home
Disclaimer: The information presented on the DSIRE web site provides an unofficial overview of financial incentives and other policies. It does not constitute professional tax advice or other professional financial guidance, and it should not be used as the only source of information when making purchasing decisions, investment decisions or tax decisions, or when executing other binding agreements. Please refer to the individual contact provided below each summary to verify that a specific financial incentive or other policy applies to your project.

While the DSIRE staff strives to provide the best information possible, the DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. make no representations or warranties, either express or implied, concerning the accuracy, completeness, reliability or suitability of the information. The DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. disclaim all liability of any kind arising out of your use or misuse of the information contained or referenced on DSIRE Web pages.

Copyright 2013 - 2014 North Carolina State University, under NREL Subcontract No. XEU-0-99515-01. Permission granted only for personal or educational use, or for use by or on behalf of the U.S. government. North Carolina State University prohibits the unauthorized display, reproduction, sale, and/or distribution of all or portions of the content of the Database of State Incentives for Renewables and Efficiency (DSIRE) without prior, written consent.