MICHIGAN
Michigan Saves
GREEN BANK FEATURES
Bank Model
Private/Non-profit
Bank Scope
Statewide
Year Est.
2009
Political Landscape
Democratic-Divided Government
Initial Funding
State/Local Grant
Implement. Process?
Received a $6.5 million grant from the Michigan Public Service Commission (MPSC) which was put into a trust fund. An additional $1.6 million for research and initial setup
New Instit.
Yes
Reporting
More Info
2021: State of Michigan invests $1.5 million in Michigan’s green bank 2022: Strategic vision document emphasises Climate Equity priorities 2021/2022: Received additional $5 million as part of Governor Gretchen Whitmer’s budget
FOCUS
Residential & Commercial, they finance over 150+ energy home improvements and over 150+ commercial projects
APPROACH
Builds relationships with contracts and community lenders, like MSUFCU and TRUE, then negotiate the best rates. Help applicants find contractors and connect them with a partner lender.
We promote accessible, equitable, and just investments in energy efficiency and clean energy to support healthy and thriving communities. We believe in an equitable transition to a carbon-free Michigan where everyone has access to the benefits of clean energy and climate-resilient solutions.
GOALS
Residential: Finances 150+ energy home improvements. Commercial Buildings:Finances over 150+ commerical improvment projects Detroit Loan Fund: a new commercial program for the City of Detroit with more affordable rates and longer terms for solar photovoltaic, battery storage, or electrification projects that will allow your nonprofit, house of worship, small business or community organization to save energy and money from the moment of installation
PRODUCTS AND PORTFOLIO
CONTACT INFORMATION