News Releases
Home energy loan program increases loan cap to $20,000
- Details
- By Olga M. Long
- Thursday, June 02, 2011
- Hits: 406
The Michigan Saves Home Energy Loan Program increased its loan cap from $12,500 to $20,000 June 1. The higher loan cap will eliminate a barrier for consumers who want to invest in deep energy efficiency for their home and will give a greater boost to those who want to purchase solar photovoltaic systems.
"By agreeing to a higher loan ceiling, the Michigan Saves authorized lenders have shown confidence in the program and a willingness to expand the program's reach," says Laura James, Michigan Saves operations manager.
Since its launch in September 2010, the Home Energy Loan Program has seen 183 contractors complete the authorization process. Loan applications for more than $1.2 million have been approved and more than 100 projects completed.
Michigan Saves is a nonprofit organization dedicated to making energy improvements easy and affordable. The Michigan Saves Home Energy Loan is an unsecured, personal loan for amounts ranging from $1,000 to $20,000. The interest rate is fixed at 7 percent with loan terms up to 120 months. Loan origination is through the Michigan Saves loan application center, with loan capital and loan servicing provided by a network of authorized lenders. Michigan Saves currently has nine participating lenders. Together, these organizations extend the program to all parts of the state.
- Consumers Credit Union.
- Financial Plus Federal Credit Union.
- Genisys Credit Union.
- Greater Niles Community Federal Credit Union.
- Lake Trust Credit Union.
- Lansing Autoworkers Federal Credit Union (LAFCU).
- Central Macomb Community Credit Union.
- MSU Federal Credit Union.
- U.P. State Credit Union.
Loans for more than $12,500 are not available from all authorized lenders. Check with your preferred lender for details.
To apply for a Michigan Saves Home Energy Loan, customers must select a Michigan Saves authorized contractor who can help them start the loan application process. A complete list of authorized contractors, by county, is available at www.michigansaves.org. Customers can do a wide variety of eligible energy efficiency improvements, such as high efficiency furnaces, air conditioners and water heaters, Energy Star windows and doors, air sealing and insulation measures. Solar photovoltaic and solar thermal systems are also eligible.
Visit www.michigansaves.org or contact Laura James, operations manager, at (734) 494- 2190 or This email address is being protected from spambots. You need JavaScript enabled to view it. for more information.
(Note: This report is provided as a service to our readers and a service to the group or individual mentioned in the release. Usually, only minor editing is done. The group or individual is responsible for all information provided.)
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