Energy programs
Michigan Saves home energy financing
Not a rebate — a low-rate loan that covers whatever the rebates do not, paid straight to us when the job is done.
Michigan Saves is a nonprofit green bank. It is not a rebate and it does not give money away — it is the financing that covers whatever the rebates do not, and it is the reason a good assessment turns into a finished job rather than a quote in a drawer.
A rebate takes four thousand dollars off a fourteen thousand dollar job and the homeowner still has to find ten thousand they do not have sitting in a checking account. That gap is what this closes.
It is also the fastest-settling money on this page. The lender pays the contractor directly when the work is signed off, in days rather than the weeks a rebate takes.
Who pays
An authorised Michigan Saves lender, who pays the contractor directly on completion. You repay the lender.
How much
$1,000 to $50,000, unsecured, at a fixed rate not exceeding 7% APR, over terms up to 180 months. Consumers Energy buys the rate down further in its territory.
Who qualifies
- There is no income cap. Approval is based on the lender’s own criteria.
- The loan is unsecured — no lien on the house and no collateral.
- The work has to be done by a Michigan Saves authorised contractor.
- It stacks with rebates, up to 100% of the project cost.
What the loan looks like
Loans run from $1,000 to $50,000. They are unsecured, which means no collateral and no lien against the house.
The rate is fixed and does not exceed 7% APR, with terms up to 180 months. In Consumers Energy territory — which covers most of the Lansing area — Consumers buys the rate down further.
There is no income cap. Approval is on the lender's own criteria, not on a government income table.
How the money moves
You apply through an authorized contractor. Approval is usually quick and there is no collateral to arrange.
The work is done. You sign a completion certificate confirming the job is finished to your satisfaction — that signature is what releases the money.
The lender pays the contractor directly, and you repay the lender over the term you chose. The contractor is out of the financing relationship entirely at that point.
Stacking it with everything else
Michigan Saves combines with state rebates and utility rebates up to 100% of the project cost. The usual shape on a moderate-income house is that the state rebate pays its capped share, the utility rebate pays toward the rest, and the loan covers the remainder.
The homeowner then finances only the part nobody else paid for, at a rate well under what a credit card or a home improvement store card would charge.
What happens, in order
- 01You apply through us. Approval is usually quick.
- 02We do the work.
- 03You sign a completion certificate confirming the job is finished.
- 04The lender pays us directly, and you repay the lender over the term you chose.
We handle the application with you and the paperwork at the end. It is how a job gets done when the rebate covers part of it and nobody has the rest sitting in a checking account.
Questions about Michigan Saves
Is Michigan Saves a grant?
No. It is a loan from an authorized lender at a fixed rate not exceeding 7% APR. It is unsecured, so there is no lien on your home, and you repay it over a term of your choosing up to 180 months.
Is there an income limit for Michigan Saves?
No. Approval is based on the lender's own criteria rather than a government income table, which is why it works for households that earn too much for the state rebate programs.
Do I pay the contractor and then get reimbursed?
No. The lender pays the contractor directly once you have signed a completion certificate confirming the work is finished. You repay the lender, not the contractor.
Can I use a loan and a rebate together?
Yes, up to 100% of the project cost. That combination is the normal way a larger job gets paid for.
More general questions are answered on the FAQ page. Or call (517) 505-7135 and ask.
The other routes, in case this one is not yours
Find out if Michigan Saves fits your house
Eleven quick questions about the house. None of them about your income, because the programs check that themselves. It takes about two minutes and there is nothing to pay and nothing to sign.
See if you qualifyOr call (517) 505-7135 and ask.