2.What is Michigan Saves?
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Nonprofit, public-private partnership green bank
Process driven by research and stakeholders
Loss reserve for lenders
Oversight of authorized contractors
Program guidelines and quality control
Demand for energy efficiency through outreach and incentives
Government and Utilities
Contractors
Customers
Lenders
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4.Michigan Saves Residential Loan Features (owner-occupied)
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24/7 loan application center
Ten-minute loan approval process
Simple, fixed rate—no teaser rates—better deal for customers
Lower rates—now starting at 4.99% APR
Higher dollar value—up to $50,000
Longer terms—up to 15 years
Low cost for contractors
No penalty for early payoff
Underwriting:
Credit Score: 600 and above
Debt to Income Ratio: 50 percent or less
No bankruptcies within the last year
5.What Qualifies for Financing?
Eligible improvements
Air sealing and insulation
Boilers
Electric vehicle charging stations
Furnace and air conditioning
Geothermal systems
Roofing
Solar photovoltaic and solar thermal
Water heaters
Windows and doors
And more
Health, safety, and preexisting environmental hazards
Remediation work must be coupled with an appropriate efficiency measure related to the remediation
Asbestos remediation with new boiler installation
Knob-and-tube wiring removal with wall insulation
Roof repairs with attic insulation
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6.Residential Utility Collaboration
Interest rate buydowns:
Lansing Board of Water & Light / Consumers Energy 0% APR for 48 months
Programs:
Holland On-Bill Loan Program (Holland Board of Public Works and Holland Energy Fund)
New Pilot Program for single family rentals in Washtenaw County launching in 2019
Landlord responsible for holding the loan
7.Commercial and Public Sector Energy Financing
Financing for energy-efficiency and renewable-energy improvements
Equipment financing agreement, loans, leases
$5,000 to $2,000,000 (larger projects are considered on a case by case basis)
Available to all types of businesses, non-profits, public sector and multifamily housing
Fast, easy process
Rates start at around 6.00%
NEW: Extended terms – up to 20 years!
NEW: Solar Power Purchase Agreements
Utility Collaboration:
Consumers Energy 1.99% APR for 24 months
DTE Energy 1.99%/2.99% APR for 24/60 months
“In the end, we were convinced by the numbers. We did this project to save money, and we’ve been really happy with the project.”
— Sam Bahoura
Liberty Food Center
8.Solar Power Purchase Agreements and Development Loans are also available
Affordable Housing Financing – NEW!!
Residential or Mixed-Use Properties
Five or more residential units
Serves low and moderate income residents
Community-based nonprofits
Up to $2,000,000
Term: up to 20 years
Fixed rate, no penalty for prepayment
Available for energy efficiency, renewable energy, and health and safety remediation
In partnership with Inclusive Prosperity Capital
Intended to serve property owners interested in making improvements mid-funding cycle
9.Typical Commercial Improvements
LED Lighting
HVAC
Refrigeration
Kitchen/cooking equipment
Controls and preventive maintenance
Insulation, windows, and doors
Custom measures, with whole building audit
Solar photovoltaic systems
“We would not have been able to afford all the lights upfront. But because of the financing option, we’re able to save money and make our art look spectacular, too.”– Amy Zane
Amy Zane Store & Studio