Michigan Saves is a nonprofit green bank — the first in the nation, founded in 2010 — that provides low-interest financing for energy efficiency and clean energy upgrades. It is contractor-driven: contractors in the network offer financing at the point of sale, on-site, when the homeowner is already committed to the project.
For contractors, it solves the problem of a willing customer who cannot cover upfront costs. Instead of losing the job or waiting for the homeowner to sort out their own financing, you close it on the spot.
Michigan Saves partners with a network of lenders across Michigan. Those lenders fund the loans. Michigan Saves negotiates the rates on behalf of contractors and borrowers, and DTE, Consumers Energy, and SEMCO buy down rates further for customers in their service territories.
The process from a contractor's perspective:
No collateral. No prepayment penalty. Approval is typically fast enough to not slow down scheduling.
Michigan Saves has a list of 150+ eligible improvements for residential customers. Key categories relevant to trade contractors:
Commercial and municipal: Qualifying commercial customers can access rates as low as 0% APR for insulation, HVAC systems, and lighting through Michigan Saves' commercial loan program. Eligibility and rate depend on the customer's utility provider and the project type.
Michigan Saves lends broadly across income levels. From 2022–2025, 63% of residential loans went to households earning below 120% of Michigan's Area Median Income — meaning the program reaches working- and middle-class households, not just high-income retrofits.
In 2025, Michigan Saves provided more than $169.8 million in residential financing and $59.2 million in commercial financing. The contractor network grew to 839 contractors in that period.
Michigan Saves financing is designed to layer with other programs. The combination most relevant for contractors doing energy work in Michigan:
| Layer | What it covers |
|---|---|
| MiHER rebate | Rebate paid directly to contractor (up to $34K/household) |
| Federal 25C/30D tax credits | Homeowner claims on tax return (up to 30%) |
| DTE or Consumers rebates | Utility rebate for eligible equipment |
| Michigan Saves loan | Bridges any remaining homeowner out-of-pocket balance |
For Standard-tier MiHER households — who cover 50% of project costs — Michigan Saves financing can close the gap between the rebate and the total project cost. The homeowner repays the loan through monthly payments on their utility bill or directly to the lender; you get paid in full when the work is done.
Joining is free. Requirements vary by trade but generally include being a licensed, insured Michigan contractor and completing a brief onboarding process.
EGLE's MiHER program notes directly that contractors already in the Michigan Saves network often meet MiHER participation requirements — the two programs' prequalification standards are closely aligned.
Apply: michigansaves.org/contractors
| Purpose | Contact |
|---|---|
| Contractor network enrollment | michigansaves.org |
| Commercial loan program | michigansaves.org/commercial-loans |
| Residential program | michigansaves.org/residential-loans |