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Last Updated June 14, 2024

Program Overview

Category:

Financial Incentive

State:

Michigan

Incentive Type:

Loan Program

Administrator:

Michigan Saves

Start Date:

N/A

Expiration Date:

N/A

Web Site:

https://michigansaves.org/commercial-buildings/

Applicable Sectors:

Commercial, Nonprofit

Eligible Renewable/Other Technologies:

Solar Water Heat, Solar Thermal Electric, Geothermal Heat Pumps, Equipment Insulation, Water Heaters, Lighting, Lighting Controls/Sensors, Chillers, Furnaces, Boilers, Heat pumps, Air conditioners, Steam-system upgrades, Programmable Thermostats, Caulking/Weather-stripping, Duct/Air sealing, Building Insulation, Windows, Siding, Roofs, Other EE, Yes; specific technologies not identified, Food Service Equipment, LED Lighting, Tankless Water Heater, Commercial Refrigeration Equipment

Summary

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 organizations reduce costs by financing energy-efficient lighting, heating and cooling systems, insulation, appliances, water heaters, and more. Upgrades are made with the help of our authorized contractors and an authorized lending partner.

Rates and Terms

Rates and terms are based on credit and subject to market change. However, commercial customers—which include energy users like for-profit and nonprofit organizations, multifamily properties, publicly owned buildings, and affordable housing—are eligible for minimum financing amounts of $5,000 with interest rates starting at 6.99% APR. Standard financing terms are 24, 36, 48, and 60 months. For applicants with great credit, terms up to 84 months may be available. For amounts greater than $250,000, please contact Todd O’Grady for financing options.

All publicly owned buildings, such as municipal offices, public schools, libraries, and hospitals, are eligible for rates ranging from 3.00% to 5.00% APR. Standard terms are 24, 36, 48, and 60 months. Installment purchase agreements are available from $5,000 to $10 million.


Eligible Projects

Most energy improvements can be financed, but a full list of eligible improvements is available here. The most common commercial improvements include LED lighting, HVAC systems, insulation, and new mechanical equipment like occupancy sensors and electronically communicated motors.