Michigan Saves - Business Energy Financing

July 20, 2022


Michigan Saves Financing

Michigan Saves financing is financial capital made available to customers through a network of lenders that offer favorable terms based on a negotiated contract. This program helps Michigan organizations reduce costs by financing energy-efficient lighting, heating and cooling systems, insulation, appliances, water heaters, and more. Upgrades are made with the help of our authorized contractors and an authorized lending partner.

Rates and Terms

Rates and terms are based on credit and subject to market change. However, commercial customers—which include energy users like for-profit and nonprofit organizations, multifamily properties, publicly owned buildings, and affordable housing—are eligible for minimum financing amounts of $5,000 with interest rates starting at 6.99% APR. Standard financing terms are 24, 36, 48, and 60 months. For applicants with great credit, terms up to 84 months may be available. For amounts greater than $250,000, please contact Todd O’Grady for financing options.

All publicly owned buildings, such as municipal offices, public schools, libraries, and hospitals, are eligible for rates ranging from 3.00% to 5.00% APR. Standard terms are 24, 36, 48, and 60 months. Installment purchase agreements are available from $5,000 to $10 million.

Eligible Projects

Most energy improvements can be financed, but a full list of eligible improvements is available here. The most common commercial improvements include LED lighting, HVAC systems, insulation, and new mechanical equipment like occupancy sensors and electronically communicated motors.

Program Overview

Implementing Sector: Non-Profit
Category: Financial Incentive
State: Michigan
Incentive Type: Loan Program
Web Site: https://michigansaves.org/commercial-buildings/
Administrator: Michigan Saves
Start Date:
Eligible Renewable/Other Technologies:
  • Solar Water Heat
  • Solar Thermal Electric
  • Geothermal Heat Pumps
  • Equipment Insulation
  • Water Heaters
  • Lighting
  • Lighting Controls/Sensors
  • Chillers
  • Furnaces
  • Boilers
  • Heat pumps
  • Air conditioners
  • Steam-system upgrades
  • Programmable Thermostats
  • Caulking/Weather-stripping
  • Duct/Air sealing
  • Building Insulation
  • Windows
  • Siding
  • Roofs
  • Custom/Others pending approval
  • Yes; specific technologies not identified
  • Food Service Equipment
  • LED Lighting
  • Tankless Water Heater
  • Commercial Refrigeration Equipment
Maximum Loan: Installment purchase agreements are available from $5,000 to $10 million.
Loan Term: Rates Vary


This program has 1 incentives
Technologies: Solar Water Heat, Solar Thermal Electric, Geothermal Heat Pumps, Equipment Insulation, Water Heaters, Lighting, Lighting Controls/Sensors, Chillers, Furnaces, Boilers, Heat pumps, Air conditioners, Steam-system upgrades, Programmable Thermostats, Caulking/Weather-stripping, Duct/Air sealing, Building Insulation, Windows, Siding, Roofs, Other EE, Yes; specific technologies not identified, Food Service Equipment, LED Lighting, Tankless Water Heater, Commercial Refrigeration Equipment
Sectors: Commercial, Nonprofit
Parameters: The incentive has a minimum of $1000000.00


Name: Program Information
Organization: Michigan Saves
Address: 230 N. Washington Ave., Ste. 300
Lansing MI 48933
Phone: (517) 484-6474
Email: info@michigansaves.org
Name: Todd O'Grady
Organization: Michigan Saves
Email: togrady@michigansaves.org

This information is sourced from DSIRE; the most comprehensive source of information on incentives and policies that support renewables and energy efficiency in the United States. Established in 1995, DSIRE is operated by the N.C. Clean Energy Technology Center at N.C. State University.