Letter from the President
Mary Templeton, President and CEO of Michigan Saves
Dear Michigan Saves Partners,
I firmly believe that the year 2017 will go down as one of the most pivotal in the history of our young organization. Not just because we surpassed the $100 million mark in energy efficient and renewable energy financing—but because we were given the mandate and vote of confidence from our board and supporters to begin becoming one of the largest nonprofit green banks in the country. 2017 is also the year that we unveiled a five-year strategic plan that will steer us toward $1 billion in energy financing by 2023.
This plan will be no small feat. It calls for us to grow by ten times the size we are now in just five years. It calls for us to increase our loan loss reserve by $20 million—the fund that allows our lenders to offer longer terms and more competitive rates to our customers. It calls for us to rapidly expand our contractor network and customer base, a tall order for any organization. But make no mistake—we can do this. We have the confidence of our board. We have a talented team. And we have a detailed roadmap on how to get there. Most importantly, however, we have partners like you who have been indispensable counselors, benefactors, and champions. Your support fuels our optimism.
Allow me the opportunity to recognize you for that support. So many of you helped us in the early days. You’ve served on our board, you’ve partnered with us to provide incentives and more accessible financing, you’ve used Michigan Saves services as contractors and customers—you help us fulfill our mission of assisting the people of Michigan with meeting their energy needs.
It was this commitment that allowed us to celebrate the $100 million financing milestone. To put this in perspective, our first loan was issued in 2010 for just over $3,000, and less than seven years later, we surged past a cumulative amount of $100 million. That is an impressive accomplishment that we owe to you.
It was not just the $100 million breakthrough that made 2017 such a banner year. It also brought us another wildly successful Governor’s Energy Excellence Awards, where we and our partners, including the governor, recognized individuals and entities that have been pioneers in implementing energy-efficient measures in their homes, businesses, or other buildings. With three ceremonies under our belt, all with the governor’s buy-in, we believe this unique event will continue to be a mainstay of the energy-efficiency community in the state.
All of this adds up to big results for our community. Throughout this report you will see, in vivid detail, just how big those results were. Across the board, we saw double-digit growth. This aggressive expansion has allowed us to bring our mission to life for thousands more Michiganders—the very reason we do what we do.
On behalf of the entire Michigan Saves team, thanks for all your support and a truly momentous 2017. Now let’s get to work and bring the ideals of Michigan Saves into every home and beyond!