Our Michigan Saves Home Loan Program connects you to more than financing options for your home upgrades. The program makes it easy to find the experts you need to complete the job. The first step in applying for a Michigan Saves Home Energy Loan is selecting your contractor. When you select a Michigan Saves authorized contractor, you know they meet the requirements for licensing, insurance, and third-party certification. Advanced Contractors have additional technical certifications and are authorized to perform a broader array of services and improvements.
To choose from the authorized contractors in your area visit MichiganSaves.org, where you’ll find contact information, services provided, and customer ratings. Your contractor will provide you an estimate based on your energy assessment or choice of qualified energy improvements. Your contractor will help connect you to your financing options—be sure to ask for Consumers Credit Union by name and you’ll have a decision within minutes! Upon approval, your contractor will make the energy improvements.
Loan type: Unsecured, personal loan. No home appraisal or equity required!
Eligible improvements: Energy-saving improvements pre-qualified by Michigan Saves or those recommended by a whole-home energy assessment.
Eligible properties: Owner-occupied, single-family (1-4 unit) homes (primary residence only)
Loan amounts: $1,000 – $30,000*
Loan term: $1,000 – $4,999: Term is 1 year for every $1,000 borrowed
$5,000 and up: Terms are flexible up to 10 years
Loan rates: Fixed APR** as low as 6.49%, not to exceed 7%
Loan payments: Michigan Saves loans offer lower monthly payments than most credit cards. The table below shows approximate monthly payments based on different loan amounts and terms, additional amounts may be available (monthly amounts are estimated to the nearest dollar and assume APR** of 7 percent).
*Maximum loan amount is $12,500 for some lenders. Ask a Michigan Saves participating lender for details.
**APR = Annual Percentage Rate. All loans subject to approval. Rates, terms, and conditions are subject to change and may vary based on creditworthiness and qualifications. See table above for sample repayment terms.