17 May Michigan Saves finances $80 million in energy improvements
Lansing, Mich. – Michigan Saves, a nonprofit organization that provides affordable financing to make energy improvements easier for Michigan energy consumers, has just surpassed $80 million dollars in residential and commercial loans. As a green bank, Michigan Saves stimulates and supports investment in energy-efficiency and renewable energy measures in Michigan homes, businesses and public buildings.
Michigan Saves was established in 2009 with grant funding from the Michigan Public Service Commission and a vision to break down barriers preventing homeowners and business owners from doing energy-efficiency work. Michigan Saves booked its first loan for $3,916 in September 2010. “Six years later, $80 million in private investment represents the tireless efforts of local contractors and lenders who provide capital to thousands of Michiganders wanting to take control of their energy costs,” says Mary Templeton, executive director of Michigan Saves.
Michigan Saves strongly encourages energy-efficiency investments at the individual and business level, knowing that each one added together moves the needle on total energy consumption.
“At the end of the day, it’s those Michiganders – those families and organizations – who are making the choice to improve the health, safety, efficiency and comfort of their buildings. We should be grateful to them. Their individual actions benefit everyone in this state because we’re collectively reducing waste and improving our sustainability.”
Michigan Saves maintains a network of nearly 500 authorized contractors and 10 authorized lenders who promote Michigan Saves financing to residential and commercial customers, covering the entire state.
Since 2010, Michigan Saves has financed energy improvements in 7,255 homes, businesses and public buildings. Over the useful life of the energy improvements, Michiganders will save an estimated 802 million kilowatt hours and 22 million therms, which is greater than the combined annual energy use for all the homes in the City of Lansing.