'Michigan Saves' offers incentives and financing for businesses to save energy, boost bottom line

Upgrading costly refrigeration units or HVAC systems, replacing old light fixtures, or even adding insulation to a commercial space can help lower energy consumption and save businesses money. And now, there is an attractive incentive to do so: Michigan Saves offers business financing up to $150,000 as low as 5.9% for up to five years. Food industry businesses can get financing for a rate as low as 1.99% APR and an additional $2,000 rebate if consumption is cut by 20%.

Lansing-based Michigan Saves screens a statewide network of authorized, professional building contractors and other professionals with expertise in energy efficiency and on-site renewable-energy systems. With innovative, affordable financing for energy-focused building and equipment improvements through its Business Energy Finance program, the nonprofit aims to increase awareness and demand for greater efficiency.

Beginning the process with Michigan Saves is easy:
-       Find a Michigan Saves authorized contractor on the Michigan Saves website to get an estimate. Have an energy assessment or pick from a list of qualified energy improvements.
-       Complete the loan application. Your authorized contractor will help you, and you will get a decision within 48 hours.
-       Once the loan is approved, your contractor makes the energy improvements. Your contractor is paid directly by the lender once the work is done to your satisfaction.

Michigan Saves makes affordable financing and other incentives available through partnerships and grants with lenders in the private sector. The organization has no employees but is staffed by contract with public sector consultants and the Delta Institute in Chicago.The nonprofit offers programs for residential and commercial customers, and supports energy efficiency, geothermal, and solar PV projects.

Get involved:

- Learn more about Michigan Saves and begin the process.
- Visit their Facebook page.
- Become an authorized contractor.

Writer: Victoria Mullen, Do Good Editor

Images: Courtesy of Michigan Saves