Explore what we accomplished together in 2023

Letter from the president

Chanell Scott Contreras, President and CEO of Michigan Saves

Since joining as president and chief executive officer last November, I have been impressed with Michigan Saves’ remarkable track record of positively impacting Michiganders and our climate. Using innovative financing solutions, we have affected the lives of our neighbors in the places that matter most—the residences, businesses, public buildings, schools, and houses of worship that make our communities home. Michigan Saves continued this track record in 2023, exceeding expectations and reaching new heights while navigating organizational change.

Last year, Michigan Saves facilitated a record $119 million in energy investments. We also grew our network of authorized contractors just over 1,000 and were awarded $30 million to launch our innovative septic replacement program. These accomplishments reflect the dedication of the Michigan Saves board and staff, as well as the tenacious leadership of my predecessor, Mary Templeton. It’s been an honor to collaborate with the team to build upon her legacy and envision the Michigan Saves of the future.
From day one, my goal was to understand the landscape of energy financing in Michigan and craft a growth strategy based on the needs of the people and communities we serve. I’ve had the opportunity to build relationships with clean energy leaders working on policy, financing, technology, workforce, and community engagement. I’ve learned more about what climate resiliency looks like in practice. I’ve come to understand that Michigan Saves, through the unprecedented Greenhouse Gas Reduction Fund, is amid an inflection point that can lead to transformative change throughout our state.

As you’ll see, our annual report reflects our unwavering commitment to promote accessible, equitable, and just investments in energy efficiency and clean energy to support healthy and thriving communities. For years to come, we’ll look back at 2023 as one that ushered in change and jump-started our collective progress toward a clean energy future for all Michiganders.

With gratitude,
Chanell Scott Contreras

By the numbers

Have you ever wondered how much energy and money Michigan Saves’ programs are actually saving? The 2023 numbers are in, and the results are impressive!

TOTAL PROJECTS

January 2023 - December 2023

Residential Homes

8,520

Projects
8,387,934
Therms
75,182
Metric tons of carbon dioxide equivalent

Commercial Buildings

85

Projects
304,496
Therms
113,705
Metric tons of carbon dioxide equivalent

CUMULATIVE ENERGY SAVINGS

204,548,039
Kilowatt hours
8,692,430
Therms
188,887
Metric tons of carbon dioxide equivalent

TOTAL INVESTMENT

127,991,217

Residential: 95% Commercial: 5%

TOTAL FINANCED

120,387,273

Residential: 95% Commercial: 5%

UTILITY BILL SAVINGS*

$8,737
Residential: 4% Commercial: 96%

AVERAGE SAVINGS PER PROJECT*

$354
Residential

$8,383
Commercial

*Indicates savings for gas and electric

Timeline & milestones

2023

Michigan Saves Surpasses $500 Million in Clean Energy Financing

We reached a major milestone: $500 million in climate and energy investments through Michigan Saves for Michigan homeowners and business owners! The team, along with stakeholders and partners, celebrated on July 13 with a party focused on the impact of our investments that have positioned Michigan as a leader on the path to a carbon-free future, one where everyone has access to the benefits of clean energy and climate-resilient solutions.

In addition to hitting the $500 million milestone, we had our best year yet! Michigan Saves financed a little over $119 million across the state, up $15 million from 2022.

We helped 232 households make clean energy improvements through the Detroit Loan Fund, a program that helped ensure equity in borrowing by eliminating credit scores as loan criteria, with alternative underwriting that focused on homeowners’ ability to pay.

The City of Sterling Heights partnered with Michigan Saves to design and implement a turnkey program that would invest $1 million of American Rescue Plan Act (ARPA) funds in the homes of lower-income residents through energy efficiency improvements. This program became known as the Go Green Grants Program, which was a subset of the City’s Think Sterling Green initiatives. Michigan Saves designed a program with two tiers of ARPA-funded incentives—one for income-qualified homeowners and one for all other homeowners—so all Sterling Heights residents could benefit from the project. In total, 152 households took advantage of the program.

In December 2023, Michigan Saves was named a subgrantee on two Environmental Protection Agency’s Greenhouse Gas Reduction Fund applications with the Justice Climate Fund and the Coalition for Green Capital. This transformational funding will enable our team to expand existing programs, create new programs, continue to help disadvantaged communities access sustainable upgrades, and more.

2022

On the road to $500M

It took Michigan Saves five years – from its 2009 inception to 2014 – to reach $100 million in energy efficiency and renewable energy financing. In 2022 alone, we financed $105 million in projects! What a huge accomplishment for not just our team, but for Michiganders across the state! In total, we have financed close to $460 million for Michigan homeowners and business owners for a total of 36,011 loans across the residential and commercial programs.

Another huge highlight of 2022 was the success of the Detroit Loan Fund (DLF). Launched with $2.5 million in funding from The Kresge Foundation, the DLF provides financing for Detroit homeowners, businesses, and nonprofits that have been locked out of traditional lending because of credit scores. This program fully supports our vision that an equitable transition to a carbon-free Michigan where everyone has access to the benefits of clean energy is possible. In the first 9 months alone (May 2022 – February 2023), 114 Detroit households have financed more than $1 million in home improvement projects that will make their homes more comfortable, efficient and affordable.

Milestones

  • Launched the Lead Poisoning Prevention Fund to fill a gap in lead abatement services for homeowners or property owners who do not qualify for free services through the Michigan Department of Health and Human Services
  • Developed a new strategic direction, mission, vision, and values rooted in equity and social justice
  • Received a $2.5 million dollar investment from the State of Michigan to leverage private investment in clean energy improvements for Michigan’s residents and businesses.
  • President and CEO Mary Templeton was honored as a 2022 Crain’s Notable Leader in Sustainability

2021

Onward & Upward

Loan volumes picked up in 2021, as we reached more than $370 million in energy efficiency and renewable energy financing for Michiganders and business owners across the Great Lakes state. We also made a commitment to ensure everyone—no exceptions—has peace of mind when it comes to the safety of their homes by launching the Lead Poisoning Prevention Fund.

Milestones

2020

Clean energy resiliency through a global pandemic

We’ve surpassed $300 million in energy efficiency and renewable energy financing in Michigan’s homes and businesses since 2009. In 2020 alone, we supported more than $53 million inenergy improvements.

Milestones

  • Launched a new project management portal and sophisticated residential loan application system and call center, improving program efficiency for customers, contractors, and program staff
  • Facilitated the launch of an on-bill financing program for Traverse City Light & Power residential customers, the second such program in the state
  • Celebrated ten years of financing with a Toast to Ten event
  • Enhanced residential offerings by adding lenders, expanding access to more customers and a wider geographic range
  • Grew contractor network by 88 for a new total of 839 contractors

2019

Powering a prosperous and clean energy future for all

Jumping from $172 million in clean energy financing in 2018, Michigan Saves zoomed past $200 million in 2019 to finance more than $229 million in renewable and energy-efficiency upgrades. That’s a 33 percent year-over-year increase that went to help more families and organizations take control of their energy consumption and, in some cases, production.

The nonprofit green bank also received national recognition as a leader in clean energy as Michigan Congresswoman Debbie Dingell helped lead the effort to create a national climate bank that built upon Michigan’s successful green bank model.

Milestones

  • Provided more than $169.8 million in residential financing
  • Provided more than $59.2 million in commercial financing
  • Launched revolving loan and rebate pilot program with DTE for customers with low to moderate incomes
  • Piloted and launched the national green energy network—a system that helps clean energy financing entities reduce costs and create efficiencies in program automation and design
  • Recognized as national leader in clean energy by congresswoman Debbie Dingell of Michigan upon introduction of the national climate bank act of 2019
  • Grew contractor network by 103 individuals—a total of 752 authorized contractors
  • Introduced first-ever commercial beer and wings competition for contractors

2018

$172 million and counting

After hitting the $100 million mark in energy financing in 2017, we continued to see explosive growth in 2018. In fact, we grew the total amount financed by more than 72 percent to close out the year with more than $172 million. But the growth didn’t stop there.

Thanks to our efforts to attract and retain contractors, we grew our contractor network to a total of 649 authorized contractors—a 22 percent increase from 2017. As our contractor network grew, so did the number of top performers in our residential Beer and Wings competition, with 2018 marking the largest-ever winner’s circle of contractors who financed 60 or more loans during the calendar year. We also expanded our list of eligible measures to offer even more residential and commercial energy improvement options; expanded our commercial offerings to support larger projects and provide longer terms; made key operational investments to enhance the contractor section of our website; and developed a platform that will automate workflows and facilitate communication between the loan center, lenders, contractors, and Michigan Saves staff.

Milestones

  • More than $36.9 million in residential loans
  • More than $14 million in commercial loans
  • Fourth annual Governor’s Energy Excellence Awards
  • Gained two full-time team members

2017

$100 million and a bright future

A banner year, 2017 saw Michigan Saves soar past the $100 million mark in energy-efficiency and renewable energy improvements. Recognizing this extraordinary growth, Michigan Saves stakeholders agreed on a sweeping new five-year strategy that would put the organization at $1 billion in green energy financing by 2023.

Milestones

  • $21.4 million in residential loans
  • $10.8 million in commercial loans
  • Third annual Governor’s Energy Excellence Awards
  • Won inspiring efficiency impact award by the Midwest Energy Efficiency Alliance

2016

Stronger solar energy improvements

In 2016, Michigan Saves redoubled its efforts in the solar market. Although the organization financed its first solar project back in 2011, it wasn’t until 2016 that Michigan Saves brought on additional lenders with more favorable terms specifically for this market. As a result, in early 2017, Michigan Saves had financed a cumulative one megawatt in solar photovoltaic (PV), enough to power over 200 homes per year. Just 11 months after that, the organization had doubled its growth in the solar PV market.

New programs for greater access

Partnering with the City of Holland, Michigan Saves developed a creative financing program. This on-bill program allowed consumers to pay for energy-efficiency and renewable energy improvements through utility bill payments, thereby offering longer terms (up to 15 years), simplifying payments, and expanding credit to anyone who had consistent utility bill payment history.

Milestones

  • $15.3 million in residential loans
  • $8.6 million in commercial financing
  • Second annual Governor’s Energy Excellence Awards

2015

The Governor’s Energy Excellence Awards

Seeking to celebrate outstanding achievements in energy excellence, Michigan Saves partnered with the Office of the Governor to organize the first ever Governor’s Energy Excellence Awards. This event, now in its fourth year, recognizes pioneers in the field of energy-efficiency around the state.

Michigan Saves finances more than $50 million in energy improvements

By mid-2015, Michigan Saves’ total loan portfolio surpassed the $50 million mark.

Milestones

  • $13.4 million in residential loans
  • $6.9 million in commercial loans

2014

Incentive programs

In 2014, Michigan Saves took steps to aggressively lower interest rates for residential improvements. The organization successfully secured its lowest standard rate ever at 4.25% APR. This helped spur Michigan Saves’ best year to date in terms of loan activity. Also in this period, through partnerships with utilities, Michigan Saves introduced interest rate buydowns, whereby some commercial and residential customers could get rates as low as 0% APR.

Business Energy Financing program growth

In 2014, Michigan Saves’ commercial financing program really began to take off, serving nearly twice as many customers than in the previous two years combined—a whopping 191 percent growth.

Milestones

  • $9.8 million in residential loans
  • $4.6 million in commercial financing

2013

New executive director

Although she had been helping lead Michigan Saves in her role as program manager for BetterBuildings for Michigan for quite some time, in 2013 Mary Templeton was formally brought on as executive director, bringing her deep knowledge and experience in residential and commercial energy-efficiency strategies. The organization went from having financed just under $20 million in energy-efficiency improvements prior to her appointment to over $100 million in less than five years under her leadership.

Multifamily unit expansion

A traditionally underserved market, multifamily dwellings still make up a large share of Michigan homes, particularly among the low- and mid-income residents of the state. To reach this market, Michigan Saves launched a program to serve this market and overcome barriers that historically made it difficult to secure financing for this sector.

Milestones

  • $8.7 million in residential loans
  • $1.6 million in commercial loans

2012

Our first commercial program

Initially a pilot program, Michigan Saves’ Business Energy Financing program formally got up and running in 2012 to meet a market demand for efficiency and renewable energy improvements to commercial buildings. This program surpassed its targets to grow to nearly $35 million in cumulative financing by the end of 2017

Milestones

  • $12.9 million in residential loans
  • $245,000 in commercial financing

2011

BetterBuildings for Michigan

Through a grant from the U.S. Department of Energy and Michigan Agency for Energy, the BetterBuildings for Michigan program was established to create a sustainable energy-efficiency market through outreach, education, and investment tools for lenders. Michigan Saves managed the grant on behalf of the state by working with several partners throughout the state to implement the program. By the time the program wound down in 2013, BetterBuildings for Michigan had completed energy-efficiency improvements on 7,689 homes throughout the state. Including directly leveraged homeowner participation in other programs, like the Weatherization Assistance Program and the Wyandotte Municipal Services WIRES program, BetterBuildings served 11,571 homeowners in total.

Milestones

  • First loan for a solar PV system in June 2011
  • $5.0 million in residential loans

2010

Our first loan

In October 2010, the first project was financed through Michigan Saves’ Home Energy Loan Program (HELP) for just over $3,000. HELP financing offers favorable terms and helps families reduce energy costs through improvements to their homes. As of the end of 2017, HELP has financed more than 9,000 projects in Michigan residences, totaling more than $87 million, $317,000 of which was in residential loans.

Milestones

  • $317,000 in residential loans

2009

The birth of Michigan Saves

Through a grant from the Michigan Public Service Commission, Michigan Saves began with the mission to stimulate and support investment in energy efficiency and renewable energy improvements in Michigan homes. This initial grant totaled $8 million, with $1 million earmarked to set up the organization and the remainder to establish a credit enhancement in the form of a loan loss reserve, which allows lenders to offer better rates and longer terms.

Board

Paul Schutt
President
Issue Media Group

Roselyn Tantraphol
Vice President
Moonsail North

David Wible
Treasurer
Comerica Bank

Karen Gould
Ex Officio
Michigan Public Service Commission

John Boladian
Director
Walker Miller Energy Services

Amanda Godward
Director
Ecotelligent Homes

Michael Larson
Director
Michigan Energy Options

Bryan Lewis
Director
JR Lewis LLC

Jason Matley
Director
TRUE Community Credit Union

Emily McGraw
Director
Consumers Energy

Conan Smith
Director
Michigan Environmental Council

Selma Tucker
Secretary
GSO Solutions

Alina Verdiyan
Director
UrsaLeo

James White
Director
Cinnaire

Partners

Utility Partners

  • Consumers Energy
  • DTE
  • Holland Board of Public Works
  • Lansing Board of Water & Light
  • SEMCO Energy Gas Company
  • Traverse City Light & Power

Residential Lending

  • Dort Financial Credit Union
  • Genisys Credit Union
  • Lake Michigan Credit Union
  • LAFCU
  • Michigan State University Federal Credit Union
  • TRUE Community Credit Union

Commercial Lending

  • Inclusive Prosperity Capital
  • NEIF
  • Team Financial Group

Additional Partners

  • City of Ann Arbor
  • City of Holland
  • Holland Energy Fund
  • Michigan Air Conditioning Contractors
  • Michigan Department of Environment, Great Lakes, and Energy
  • Michigan Department of Health and Human Services
  • Michigan Energy Efficiency Contractors Association
  • Michigan Public Service Commission
  • Southeast Michigan Air Conditioning Contractors Association
  • Traverse City
  • United States Department of Energy
  • Walker-Miller Energy