Michigan Saves is a nonprofit green bank that offers financing programs for renewable and energy-efficiency improvements. Low interest financing is available for Michigan residential, commercial, multifamily, and public energy users.
Residential customer process to apply:
- Call (877) 867-8522 (experiencing some delays due to Covid)
or click this link
- Will be asked for Adams & Sons contractor ID 202298 then standard program code 9269
- Will be asked to provide County of residence for available credit unions (Genisys CU services the entire State of Michigan so I have attached their direct deposit form)
- Email of loan decision will be sent within 10 minutes
- If approved move forward, if pending contact phone number of CU on loan decision email, if declined find another method of payment
- At completion, certificate of completion should be uploaded to created job sheet in NGEN
Residential sample monthly rate calculations based @ 5.5% (lower available for most FICO scores):
- $2,800 is eligible for up to a 2 year term (1 year per $1,000) = $105.83 monthly
- $3,000 is eligible for up to a 3 year term (1 year per $1,000) = $ 90.59 monthly
- $5,000 is eligible for up to a 10 year term (any loan over $5,000 eligible for up to a 10 year term with no prepayment) = $54.29 monthly
- $8,000 is eligible for up to a 10 year term (any loan over $5,000 eligible for up to a 10 year term with no prepayment) = $86.82 monthly
- $10,000 is eligible for up to a 10 year term (any loan over $5,000 eligible for up to a 10 year term with no prepayment) = $108.53 monthly
- Contractor fee 1.99% of financed total for any project
- Generator can be added as long as there is 1 additional eligible measure of at least $1,000
- Battery storage and PV charging eligible for financing as a stand alone measure
- Genisys "credit challenged" 7% up to $7500 for FICO 600-639
- One time reamortization available with no additional fee (apply tax credits for lower payments)
- MI Saves loan calculator link:
- MI Saves current residential eligible measures:
- Mini split systems and duct sealing can be financed as standalone measures.
- Current Michigan Saves AC requirements:
- Contractors should not use Michigan Saves financing for stand-alone, 13 SEER AC units.
- Contractors can use Michigan Saves financing for stand-alone AC units with SEER ratings of 14 or higher.
- Contractors can use Michigan Saves financing for 13 SEER AC units that are installed with their matching high efficiency furnace (90%+) AND achieve a functional SEER rating of 14 or higher.