Clean energy is heavily populating the state of Michigan. As of 2020, Michigan has 208.30MW of solar installed, enough to power 32,211 homes. This trend can be attributed to these 3 conditions:
- Michigan residents pay extremely high electricity bills
- Overall, solar power is gaining visibility and capturing the interest of people wanting to make a difference for the environment
- Financial incentives are making the transition easier
The following financial incentives are helping Michigan residents and businesses step into solar:
- The Solar Investment Tax Credit (Solar ITC)
- Property Assessed Clean Energy (PACE)
- Michigan Saves
In this article, we will specifically discuss Michigan Saves; what it is and how it can help residential and commercial solar customers alike.
What Is the Michigan Saves Program?
Michigan Saves is a financial lending program for residential homeowners and commercial businesses looking to upgrade their property to become more energy efficient.
Upgrades such as new EnergyStar compliant roofing, insulation, appliances (low-flow toilets and dishwashers) and windows are all covered under Michigan Saves loans. Many borrowers also receive financial assistance to install solar power at their home or place of work.
How Does it Work?
Michigan Saves for Residential Solar
Homeowners looking to increase energy efficiency and sustainability can first get set up with a Michigan Saves contractor, like Michigan Solar Solutions, who will provide an estimate on qualifying home improvements. Residents can then apply for financing for solar and other energy efficiency updates totaling up to $40,000 with a 15-year maturity.
Michigan Saves for Commercial Solar
Similar to residential lending, businesses and organizations can work with a Michigan Saves contractor to finance their sustainability efforts, including HVAC, EV charging stations, renewable energy and more.
Commercial customers have 7-12 years to pay with interest rates from 6.5%-8%, and can receive up to $2 million in financing.
Michigan Solar Solutions Financing with Michigan Saves
Our goal at Michigan Solar Solutions is to make the process of going solar easy financially, which is why we help our customers finance such crucial clean energy efforts. We are an expert Michigan Saves financing contractor and have received countless awards, including the Michigan Saves 2020 Top Solar PV Contractor Award.
If you or another business is interested in having an undeniable impact on your triple bottom line give us a call for a free consultation to see if solar is right for you! Call (248) 923-3456 or request a Free Online Solar Analysis for Your Business.
Michigan Solar Solutions is a commercial and residential solar installer and electrical contractor that has served the lower peninsula of Michigan since 2007. We have installed thousands of panels and have a happy customer near you, check out what our customers think of us on Guild Quality.