| Implementing Sector: | Non-Profit |
| Category: | Financial Incentive |
| State: | Michigan |
| Incentive Type: | Loan Program |
| Web Site: | http://michigansaves.org/ |
| Administrator: | Michigan Saves |
| Eligible Renewable/Other Technologies: | Solar Water Heat, Solar Thermal Electric, Solar Photovoltaics, Geothermal Heat Pumps |
| Eligible Efficiency Technologies: | Clothes Washers, Dishwasher, Refrigerators/Freezers, Dehumidifiers, Ceiling Fan, Water Heaters, Furnaces, Boilers, Heat pumps, Air conditioners, Caulking/Weather-stripping, Duct/Air sealing, Building Insulation, Windows, Siding, Roofs, Custom/Others pending approval, Other EE, Yes; specific technologies not identified, Tankless Water Heater |
Michigan Saves is a non-profit that offers financing options for energy efficiency improvements throughout Michigan. The Home Energy Loan Program was started with seed funding from the Michigan Public Service Commission. Loans are available for owner-occupied, single-family homes with 1-4 units (primary or secondary residences) for energy efficiency improvements. Multi-unit homes are only eligible if the owner resides in one of the units. In addition to energy efficiency improvements, solar thermal, solar water heaters, and PV systems between 1 kW and 20 kW in size are eligible for loans.
Loan applications can be completed over the phone or internet through an authorized contractor. Applicants must have a credit score of 640 or higher, and have a debt-to-income ratio of less than 50%. Term lengths are flexible (between 12 and 120 months) and depend on the loan amount and the borrower's preference.
Participating lenders offer an unsecured loan for amounts between $1,000 and $30,000, at a fixed annual percentage rate (APR) no higher than 6.99%, with no prepayment penalty. Statewide coverage of 4.99% APR is now available. Select areas offer as low as 4.25% APR based on credit. Loan terms are one year for every $1,000 up to $4,999. For loans $5,000 and higher, 10-year terms are an option.
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Welcome to the Solar QC Website. This site equips homeowners with information regarding the most effective solar products and provides access to expert solar installers and manufacturers. The information listed in the Terms & Conditions provides a list of the services provided by solarqcgroup.com with specific user obligations in reference to content, conduct, company disclaimers, copyright, and privacy. The Terms & Conditions described are designed to protect the users and solarqcgroup.com. By accessing this website, the user automatically agrees with the content of the Terms & Conditions.
A solar PV system is custom-designed for your home. Final solar system price may vary based on your location, monthly utility bill, government incentives and rebates, the condition of your home, and local installation prices. Solar PV system output and estimated savings are calculated based on several factors including product type, system production, geography, weather, shade, electricity use, full utilization of the 30% solar investment tax credit, and utility rate structures and rate increases. Savings on your total electricity costs are not guaranteed. Financing options and terms vary by location, and may not be available in all areas. Solar QC is neither the lender nor the project installer. Solar QC License# 1130591
