Home Energy Loan
Unsecured loans for Michigan homeowners to improve insulation, heating, solar power and other qualifying home energy systems through authorised contractors.
Denne finansieringsmulighed er i øjeblikket beskrevet på engelsk.
You borrow from a participating credit union to pay for qualifying residential energy improvements. Michigan Saves coordinates the authorised contractor and lender network. Eligible work includes air sealing, insulation, qualifying heat pumps and solar panels; the eligible-improvements list sets equipment standards. A measure outside the list may qualify if a certified professional recommends it through a home energy assessment.
Amounts, rates and repayment terms depend on your lender, creditworthiness and market conditions. For example, Christian Financial Credit Union currently lists $1,000–$50,000, rates as low as 6.24% and terms up to 180 months. These are that lender’s advertised options, not guaranteed terms for every borrower. Loans below $5,000 have a term of one year per $1,000; for loans of $5,000 or more, you may select a term up to ten years, or longer where available. There are no annual or early repayment fees; early repayment still requires paying interest already accrued.
Rates and terms are fixed. Some lenders allow a one-time recalculation of solar-loan payments using the rates and terms available at that time; you can choose to keep your existing arrangement instead.
Eligibility
- You must own the property. The programme covers owner-occupied single-family homes with fewer than four attached units, and cottages, second homes and rental properties where the owner applies. Occupants buying through a land contract cannot finance projects through this programme.
- Owners of manufactured homes and trailers may apply, including when they rent the lot. Renters of the home itself cannot apply.
- Your chosen lender assesses creditworthiness; the listed authorised lenders consider lower credit scores as well as good credit. Applicants in the same household may apply jointly; another household member may apply if the original applicant is declined.
- An authorised contractor must handle the project. Air-sealing and insulation work require blower-door tests before and after installation to measure air leakage.
- ENERGY STAR is a government label identifying products that use less energy than others in their category. Labelled clothes washers, dishwashers, freezers and refrigerators require at least $1,000 in other qualifying measures. Roofing can only be financed with a rooftop solar installation. Solar panels, the inverter and meter should be approved by the local utility. Whole-home batteries must be coupled with qualifying solar PV; a whole-home generator requires at least $1,000 in other qualifying measures.
- Eligible EV charging stations must be Level 2 (240 volts). Non-energy work can be financed only when necessary to complete a qualified energy project.
How to apply
- Status
- Løbende ansøgning
Start by finding a Michigan Saves authorised contractor. After evaluating the project, the contractor gives you a quote and their identification number. Use these to apply online, then work with the lender; the contractor can start work once the loan is approved. MSU Federal Credit Union uses its preferred contractor network instead of the central online application centre, so apply through your contractor for that lender.
Provide your individual gross annual income. The lender may request a pay stub, W-2 or other proof if clarification is needed.
Normally, finish the project and sign the loan agreement within 90 days of approval. Some lenders allow 120 days; check the applicable timeline with your lender. If work or documents are unfinished by that deadline, the lender may check your credit again and reconsider the application. Tell the lender promptly about changes to the project scope or schedule.