Michigan Saves Overview:
Michigan Saves is a mid-size nonprofit renewable energy bank. The company is located in Lansing, Michigan. It is also the first green bank to provide services in the United States. The company was founded in 2009 by a Public Sector Consultants (PSC), a research and consulting firm when it was awarded a grant to come up with a financial system to support renewable energy programs and projects. The company is incorporated under 501(c)(3) as a not-for-profit organization. The PSC team brought all its experience and research to the new organization and took the company to a new pinnacle. According to the 2021 annual report of Michigan Saves, the company gathered $370 million and financed procurement of renewable energy equipment and building new energy efficient infrastructures.
The company caters to residential, commercial, and municipal customers basing its services on providing financial support and advice and it also provides technical assistance for customers and contractors. There is a limited information about the company’s perception among its customers. The few reviews available on various sites show the company has a good reputation. The customers have deemed the company efficient and quick in responding to their requests and inquiries.
Michigan Saves Services and Features
Michigan Saves Services:
Michigan Saves is a nonprofit organization providing its services to stimulate and support green energy projects and invest in them. The company, in collaboration with its partners, provides;
Technical Support: A statewide network of professionals trained by the organization in energy-efficient and renewable energy systems. The company also authorizes contractors while monitor them and equips them with technical support.
Financing: Guide people to make affordable choices and access capital to purchase clean energy by providing innovative and affordable financing plans for energy-efficient buildings and equipment.
Awareness: Educate the community regarding energy-efficient choices through various ways.
Michigan Saves services are only available to the customers of Michigan. Its operations are spread through the state however its awareness sessions are not limited to the state.
Michigan Saves Costs:
The company provides energy-efficient loans to customers, which allows a customer to work along with Michigan Saves contractors for their transition to energy-efficient home renovations, renewable energy equipment installation and energy efficient appliances. The company is offering low fixed rates not exceeding 7% loans with a minimum of $1000 and up to $100000 for a maximum of ten years period for residential purposes. For commercial purposes, the loan amount may go up to 2000000 with a repayment period of 240 months. The interest rates are the same. There are no annual or early repayment fees. The company focuses on the neglected section of society and provides them with the means to acquire energy-efficient equipment. That’s why the company allows a credit score of 680 minimum, and at the lender’s option, it can be brought down to 640. However, at this low score, the lender can only recover 70% of the loan if the borrower defaults. The company also has a good debt-to-income ratio, which is 50%. The fee charged by contractors of the Michigan Saves is 1.99%. The company’s loan application fee is also not costly. It accepts applications either online or via telephone. The online application costs only $15 while submitting an application through telephone call costs $58. Combined with the quality of services, the company provides the best options for renewable energy-efficient financing. Its authorized contractors are well trained and provide excellent quality service. Michigan Saves is the best choice if you are struggling to finance your energy efficiency goals. The energy-efficient equipment is eligible for the federal tax credit, further reducing the cost. It also has special offers for its contractors and customers. Overall, we highly recommend Michigan Saves services.
Michigan Saves Legitimacy:
Michigan Saves is a highly legitimate company. Here are some of its accreditations.
- The company is registered in the state of Michigan under 501(c)(3) as nonprofit entity
- The company has an ongoing license from the state’s Department of Licensing and Regulatory Affairs
- Michigan Saves is transparent about its contact details. It has displayed its location, email address, phone number, and all its social media links on its website for ease of contact. It has separate services for contractors.
- Our expert view of the company shows it as a top-level energy-efficient finance provider. The company has listed all its partners, the lender, contractors, and its company directors on its website. The company is headed by Mary Templeton, who shows the company new pinnacles with her knowledge, experience, and insight. Her customer focus approach has been fruitful for the company’s success.
Michigan Saves Maintenance:
The company offers a very high level of customer service, answering their every question. The company’s representatives have responded to online queries on various sites like google. They have even responded to the few complaints they received on these various sites and have assured their customers to solve them. This shows the company’s dedication to their customer’s comfort and makes the process easy for them. Generally, the company is easy to contact, and the customer review shows they are efficient and quick in responding to their calls and inquiries. However, the couple of complaints were regarding Michigan Saves contractor’s products, the company has tried to comfort the customer and assure to solve it immediately.
Despite this, Michigan Saves follows up on its warranties and comprehensive financing plans. The company supports its customers even in technical matters by training its contractors and equipping them with the best skills. Overall, the customers have found the company easy to contact and efficient in their services. They have also found Michigan Saves’ contractors highly professional and easy to work with. The excellent service is reflected in most reviews.
To sum up, the company offers one of the state’s best financing options for renewable energy. It has affordable lenders who are willing to lend money at low-interest rates for a longer period of time, and they have contractors who are trained and skilled in their services. On top of that, the company’s loan application processing and customer support are quick and efficient, making it popular among its customers. The company has funded many high-level commercial energy-efficient systems, and they are operating with high efficiency and saving thousands of dollars for the customers. The company increased overall values with its low-rated loans, quality of contactors, and dedicated lenders. Our experts analyzed the company’s customer feedback and overall performance and found the company an excellent choice. Through its financing facility and the quality products and services of its contractors, you can save a lot of money and become energy efficient.