Michigan Saves - Home Energy Loan Program

Interested in home solar?

Use our calculator to get a quick price and performance estimate customized to your home, or fill out our form to get up to three estimates from local contractors.

Buying Solar For Your Home: The Complete Guide
Complete guide to utility rebates

Program NameMichigan Saves - Home Energy Loan Program
Program AdministratorMichigan Saves
SectorResidential
Budgetn/a
End daten/a
Last updatedMarch 24th, 2016
Details

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 through an authorized contractor. 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.

Participating lenders offer an unsecured loan for amounts between $1,000 and $30,000, at a fixed annual percentage rate (APR) no higher than 6.99%, with no prepayment penalty. Statewide coverage of 4.99% APR is now available. Select areas offer as low as 4.25% APR based on credit. Loan terms are one year for every $1,000 up to $4,999. For loans $5,000 and higher, 10-year terms are an option.

WebsiteVisit website
Maximum Loan$30,000
Loan Term12-120 months Maximum APR: 6.99% (statewide coverage available at 4.99% APR)
No prepayment penalty
Data courtesy the fine people at DSIRE and the National Renewable Energy Laboratory.


For a complete list of programs by state:

Get free shipping and price match guarantee on energy efficient heating and cooling.

Mini split heat pumps


High efficiency ductless mini splits can both heat and cool your home and do not require ducting. Search by efficiency:

16+ SEER heat pumps
18+ SEER heat pumps
20+ SEER heat pumps
22+ SEER heat pumps
Air conditioners
14+ SEER air conditioners
16+ SEER air conditioners
18+ SEER air conditioners
Gas furnaces
80% efficient gas furnaces
92% efficient gas furnaces
96% efficient gas furnaces
98% efficient gas furnaces
Other products
Air purifiers
Tankless water heaters
Whole house dehumidifiers
Price Match + Guarantee

If you find a lower price on an identical in-stock item (excluding accessories and parts) from another online authorized reseller, Heat & Cool will beat the price by 3%.

Heat & Cool