Michigan Saves Home Energy Loan Program Increases Loan Cap to $20,000Contact: Judy Palnau 517-241-3323
May 26, 2011
The Michigan Public Service Commission (MPSC) today noted that the Michigan Saves Home Energy Loan program will be increasing its loan cap from $12,500 to $20,000, effective June 1. The higher loan cap will eliminate a barrier for consumers who want to invest in deep energy efficiency for their home, and will give a greater boost to those who want to purchase solar photovoltaic systems.
Michigan Saves helps offset the upfront costs of making homes energy efficient by providing access to easy and affordable financing options. A non-profit organization, Michigan Saves was established with a $6.5 million trust fund from the MPSC.
The Michigan Saves Home Energy Loan is an unsecured, personal loan for amounts ranging from $1,000 to $20,000. The interest rate is fixed at 7 percent APR, with loan terms up to 120 months for amounts over $5,000. Loan origination is through the Michigan Saves Loan Application Center, with loan capital and loan servicing provided by a network of authorized lenders. Michigan Saves currently has nine authorized lenders providing statewide coverage for Michigan homeowners:
- Central Macomb Community Credit Union
- Consumers Credit Union
- Financial Plus Federal Credit Union
- Genisys Credit Union
- Greater Niles Community Federal Credit Union
- Lake Trust Credit Union
- Lansing Autoworkers Federal Credit Union (LAFCU)
- Michigan State University Federal Credit Union
- U.P. State Credit Union
Loans for more than $12,500 are not available from all authorized lenders, so check with your preferred lender for details.
To apply for a Michigan Saves Home Energy Loan, customers must select a Michigan Saves authorized contractor, who can help them initiate the loan application process. A list of nearly 200 authorized contractors, available throughout the state, is available at michigansaves.org. Customers can implement a wide variety of eligible energy efficiency improvements, such as high efficiency furnaces, air conditioners and water heaters, Energy Star® windows and doors, air sealing and insulation measures. Solar photovoltaic and solar thermal systems are also eligible.