| Implementing Sector: | Non-Profit |
|---|---|
| Category: | Financial Incentive |
| State: | Michigan |
| Incentive Type: | Loan Program |
| Web Site: | https://michigansaves.org/residential-homes/ |
| Administrator: | Michigan Saves |
| Eligible Renewable/Other Technologies: | Solar Water Heat, Solar Thermal Electric, Solar Photovoltaics, Geothermal Heat Pumps, Wind (Small) |
| Eligible Efficiency Technologies: | Clothes Washers, Dishwasher, Water Heaters, Lighting, Furnaces, Boilers, Air conditioners, Combined Heat & Power, Programmable Thermostats, Duct/Air sealing, Windows, Doors, Other EE, Insulation, LED Lighting, Tankless Water Heater |
| Eligible Electric Vehicle Technologies: | Level-2 Electric Vehicle Service Equipment |
| Applicable Sectors: | Residential |
| Maximum Loan: | Loan terms are one year for every $1,000 up to $4,999. For loans $5,000 and higher, customer may select term up to ten years (or higher if applicable). |
| Loan Term: | 12-180 months |
| Rates: | Vary by lender |
| No prepayment penalty: | Yes |
Homeowners are eligible for rates ranging from 4.44% to 7.90% APR, though most customers finance at 5.50% APR. Terms are available up to 15 years with loan amounts ranging from $1,000 to $50,000. Actual rates, terms, and loan amounts vary and depend on the lender you choose and your creditworthiness.
