Michigan Saves
Michigan Saves is a Lansing-based 501(c)(3) nonprofit green bank founded in 2009 that facilitates clean energy, lead abatement, and septic replacement financing for Michigan homeowners, businesses, nonprofits, and government entities through partner credit unions, lenders, utilities, and an authorized contractor network.
- Company typePrivate
- Founded2009
- HeadquartersLansing, United States
- Headcount1–10
- GTM typeB2B and B2C
- OfferingServices
What Michigan Saves does
Michigan Saves is the nation's first nonprofit statewide green bank, founded in 2009 and headquartered in Lansing, Michigan. The 501(c)(3) organization deploys revolving public capital and risk-sharing tools — including loan loss reserves and credit enhancements — to make clean energy, energy efficiency, lead abatement, and septic replacement projects bankable for Michigan homeowners, small businesses, nonprofit organizations, and government entities. Since founding, Michigan Saves has facilitated over $750 million in clean-energy financing by leveraging public dollars at ratios of 1:3 to 1:30 of private investment (30:1 in residential lending). Its revenue derives from program administration fees, negotiated interest rate differentials with partner lenders, and administrative contracts with state agencies such as EGLE and MDHHS.
The organization's core products include residential home energy improvement loans (solar PV, HVAC, insulation, windows, roofing, air sealing), commercial loans for solar, LED lighting, geothermal, and EV charging projects, the Septic Replacement Loan Program administered under contract with EGLE (backed by a $35 million Public Act 53 appropriation), bridge financing for nonprofits and government entities to prefund Inflation Reduction Act tax credits, and the Lead Poisoning Prevention Fund (50/50 cost-share with MDHHS). Distribution runs through a network of eight credit union residential lenders, three commercial lenders (Team Financial Group, Verdant Commercial Capital, Northern Initiatives), three utility partners offering rate buydowns (DTE Energy, Consumers Energy, SEMCO), and an authorized contractor network that operates as the primary customer-acquisition channel.
Michigan Saves is governed by a diverse board including representatives from DTE Energy, Consumers Energy, Comerica Bank, the Michigan Public Service Commission, the University of Michigan, and the Michigan Environmental Council. Go-to-market combines channel partnerships (contractor referrals), consultative direct sales for commercial customers, and educational content marketing through the website, SmartEnergy newsletter, and active social media presence. The organization is structurally diversified across at least four program verticals and a long-tail borrower base spanning Michigan.
Michigan Saves firmographics
Firmographics- Name
- Michigan Saves
- Legal name
- Michigan Saves
- Website
- https://michigansaves.org
- Company type
- Private
- Founded year
- 2009
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Michigan Saves is a Lansing-based 501(c)(3) nonprofit green bank founded in 2009 that facilitates clean energy, lead abatement, and septic replacement financing for Michigan homeowners, businesses, nonprofits, and government entities through partner credit unions, lenders, utilities, and an authorized contractor network.
- Ownership category
- akta.pro rank
Michigan Saves industry classification
Industry- Product category
- Green Bank Lending Services
- NAICS
- Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (522180), Savings Institutions and Other Depository Credit Intermediation (52218)
- SIC
- Functions Related To Depository Banking, Nec (6099), Federal & Federally-Sponsored Credit Agencies (6111), Finance Services (6199)
- akta.pro primary industry
- Green/Climate Development Banks & Funds (FSABAKAH)
- akta.pro secondary industries
- Municipal/Local Government Development Banks (FSABAKAI), Renewables & Energy Transition Funds (Solar, Wind, Hydrogen, CCUS) (FSANAEAD), Sustainable Infrastructure & Resilient Cities Funds (FSANAJAC)
Keywords
Where Michigan Saves is headquartered
LocationHeadquarters
- HQ city
- Lansing
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Michigan Saves business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others
Revenue model
- Green Bank Lending Operations: Michigan Saves operates as a nonprofit green bank that facilitates clean energy financing through a network of partner lenders. The organization uses public capital and credit enhancements to make loans more accessible and affordable for borrowers. Revenue is generated through program fees, interest rate differentials negotiated with lenders, and administrative agreements with state agencies.
- Septic Replacement Loan Program Administration: Michigan Saves was contracted by EGLE to develop and manage the Septic Replacement Loan Program. The program provides low-interest loans for failing septic systems, with Tier 1 income-based loans at 1% interest and Tier 2 market-based loans.
- Lead Poisoning Prevention Fund: Partnership with MDHHS to provide lead abatement financing with 50/50 cost-sharing incentives. Michigan Saves administers the program and facilitates loans through partner lenders.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Monthly | Residential Home Energy Loans - Multiple Lenders |
| Other | Monthly | Septic Replacement Loan Program - Tier 1 (Income-Qualified) |
| Other | Monthly | Septic Replacement Loan Program - Tier 2 (Market-Based) |
| Other | Pay-as-you-go | Bridge Financing for Nonprofits and Government |
| Other | Monthly | Commercial Loans |
| Other | Monthly | Lead Poisoning Prevention Fund |
Go-to-market motion2 records
Distribution channels6 records
Marketing channels9 records
Michigan Saves product offering
Product offeringCore offering
Michigan Saves is a nonprofit statewide green bank that facilitates accessible financing for home energy improvements, commercial energy projects, septic system replacement, bridge financing for nonprofits/governments, and lead abatement in Michigan. The organization uses revolving public capital, credit enhancements, and loan loss reserves to make clean-energy and health-related projects bankable through a network of partner credit unions, commercial lenders, and authorized contractors. Since 2009, it has financed over $750 million in clean-energy upgrades, leveraging every $1 of public capital into $3–$30 of private investment.
Product overview
Michigan Saves is the nation's first nonprofit statewide green bank, providing accessible financing solutions for clean energy, energy efficiency, healthy homes, and critical infrastructure. The organization operates a hub-and-spoke model connecting homeowners, building owners, contractors, and lenders through multiple financing products: Home Energy Improvements Financing (residential clean energy upgrades), Commercial Loans (commercial/multifamily energy projects), Septic Replacement Loan Program (failing septic systems in partnership with EGLE), Bridge Financing (prefunding IRA tax credits for nonprofits/government), and Lead Poisoning Prevention Fund (50/50 cost-share lead abatement). These products are supported by an authorized contractor network, a lender network of Michigan credit unions, and educational resources. Since 2009, Michigan Saves has financed over $750 million in clean-energy upgrades with a 30:1 leverage ratio on public capital.
Differentiator
Problem solved
Functional benefit
Brands
- Lead Poisoning Prevention Fund (Lead Fund): A statewide program that helps Michigan property owners remove costly lead hazards and create safer, healthier homes through 50/50 cost-sharing and flexible financing.
- Septic Replacement Loan Program (SRLP)
- Bridge Financing
- Commercial Loans
Products and services
- Home Energy Improvements Financing Residential financing for energy efficiency and clean energy upgrades including solar panels, HVAC, insulation, windows, air sealing, roofing, and appliances. Loans from $1,000 up to $100,000 (MSU FCU) at 5.99%–6.99% APR across eight partner credit unions, up to 180-month terms, with no early repayment fees. Accessed through a network of authorized contractors and the online Defi Direct application portal.
- Commercial Loans Financing for commercial, multifamily, and institutional energy projects including solar PV, HVAC, roofing, LED lighting, occupancy sensors, commercial kitchen equipment, water heaters, boilers, and EV charging stations. Sizes from $5,000 up to $450,000,000 (Verdant) at 6.00%–8.75% APR up to 84 months, with utility interest-rate buydowns through DTE, Consumers Energy, and SEMCO able to drive qualifying commercial rates as low as 0% APR.
- Septic Replacement Loan Program (SRLP) Low-interest financing for Michigan homeowners to replace failing or near-failing septic systems or connect to municipal sewer. Created in partnership with the Michigan Department of Environment, Great Lakes, and Energy (EGLE). Tier One offers income-qualified loans up to 1% fixed interest, $1,000–$30,000, up to 10 years, unsecured with no lien required (TRUE Community CU). Tier Two offers market-based loans from $1,000 through multiple partner credit unions. As of mid-2025, has approved 372 projects totaling $6.3 million in loans and 184 septic systems installed.
- Bridge Financing Short-term financing for nonprofit and governmental entities to prefund clean energy projects (solar, battery storage, geothermal) while waiting for elective-pay Investment Tax Credit refunds under the Inflation Reduction Act. Financing amount $20,000–$250,000 at 3.99% APR, maximum 24-month term, with 1% origination fee and $250 documentation fee. Only available to nonprofits, governmental entities, and public school districts that qualify for direct pay tax credits.
- Lead Poisoning Prevention Fund (Lead Fund) Statewide program helping Michigan property owners remove lead hazards through a 50/50 cost-sharing model and flexible financing, administered in partnership with the Michigan Department of Health and Human Services (MDHHS). Provides free lead inspection and risk assessment (LIRA), covers half of lead abatement project costs, and offers unsecured personal loans starting at $1,000 with flexible 1–15 year terms. Only available for projects $2,000 or more.
Quantifiable outcome
- $750 million+ in clean energy financing since 2009
- +3 more outcomes
Companies that use Michigan Saves
Customer profileNamed customers11 records
Segments6 records
Ideal customer profiles4 records
Michigan Saves technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Michigan Saves partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- Michigan Department of Environment, Great Lakes, and Energy (EGLE)coreEGLE contracted Michigan Saves to develop and manage the Septic Replacement Loan Program, providing low-interest financing to Michigan homeowners for replacing failing septic systems. EGLE allocated $35 million from Public Act 53 to fund the program.
- Michigan Department of Health and Human Services (MDHHS)corePartnership to operate the Lead Poisoning Prevention Fund, providing lead abatement financing and free lead inspections for Michigan property owners. MDHHS provides technical guidance and connects customers through their lead safe programs.
- DTE EnergycoreUtility partner offering interest rate buydown programs for commercial customers. Qualifying projects can receive rates as low as 0% APR for eligible improvements including building insulation, HVAC systems, and lighting.
- Consumers EnergycoreUtility partner offering interest rate buydown programs for commercial and multifamily customers. Supports energy efficiency improvements with promotional rates through Michigan Saves financing.
- SEMCOminorUtility partner offering interest rate buydown programs for commercial customers in their service territory.
- Public Sector Consultants (PSC)coreNonpartisan research and consulting firm that played a pivotal role in creating Michigan Saves. In 2009, PSC received a grant to design an innovative financing system for energy efficiency and renewable energy projects, developing the structures, processes, and policies that became Michigan Saves.
Scale indicators7 records
Recent moves6 records
Expansion highlights6 records
Michigan Saves competitors and assessment
Company assessmentOthers
- EnergySage: EnergySage is a consumer marketplace for comparing solar, heat pumps, and clean energy installers with associated financing. It serves as a channel partner for clean energy financing distribution and is comparable to Michigan Saves' "Find a Contractor" marketplace tool.
Emerging players
- Calvert Impact Capital: Calvert Impact Capital is a nonprofit impact investing firm that raises and deploys capital for clean energy, community development, and environmental projects. Its intermediary model and Climate United Fund are comparable to Michigan Saves' green bank capital deployment approach.
- Coastal Enterprises, Inc. (CEI): CEI is a Maine-based CDFI providing financing for small businesses, natural resources, and clean energy projects. Its mission-driven lending to underserved borrowers parallels Michigan Saves' equity-focused financing programs.
- Opportunity Finance Network: Opportunity Finance Network is a national network of Community Development Financial Institutions (CDFIs) that finance affordable housing, clean energy, and community facilities. Michigan Saves' model intersects with CDFI lending through Northern Initiatives and similar partners.
Direct peers
- Inclusive Prosperity Capital: Inclusive Prosperity Capital is a nonprofit green bank that lends to and invests in clean energy projects serving low- and moderate-income communities, replicating the model pioneered by Connecticut Green Bank and operating in multiple states—directly comparable to Michigan Saves' mission and structure.
- NYCEEC (NYC Energy Efficiency Corporation): NYCEEC is a nonprofit dedicated to increasing energy efficiency and clean energy project financing in New York City, using credit enhancement and loan loss reserves to make clean energy projects bankable—closely mirroring Michigan Saves' green bank model.
- Clean Energy Credit Union: Clean Energy Credit Union is a values-based credit union offering low-interest loans specifically for clean energy home improvements—one of the lender partners to Michigan Saves' network. It offers a similar product suite and competes for the same borrowers.
- NY Green Bank: NY Green Bank is a state-sponsored green bank that invests in clean energy projects by partnering with private lenders, using public capital to crowd in private investment—directly comparable to Michigan Saves' revolving capital and credit enhancement model.
- Connecticut Green Bank: Connecticut Green Bank is a state-level green bank that uses public capital and credit enhancements to mobilize private investment in clean energy. It is a direct functional analog to Michigan Saves, with a similar green bank model and partner-lender distribution approach.
- Greenworks Lending (now dividend): Originally Greenworks Lending and now Dividend Finance, this company provides financing for residential solar and energy efficiency projects nationwide, overlapping with Michigan Saves' residential energy improvement financing product.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks7 records
Key highlights7 records
Customer concentration
Michigan Saves social profiles
Digital presenceMichigan Saves financial estimates
Financial estimateRevenue estimate
Valuation estimate
Michigan Saves leadership team
Management profileNumber of profiles
Profiles8 records
Michigan Saves funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Michigan Saves M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Michigan Saves
What does Michigan Saves do?
Michigan Saves is a nonprofit statewide green bank that facilitates accessible financing for home energy improvements, commercial energy projects, septic system replacement, bridge financing for nonprofits/governments, and lead abatement in Michigan. The organization uses revolving public capital, credit enhancements, and loan loss reserves to make clean-energy and health-related projects bankable through a network of partner credit unions, commercial lenders, and authorized contractors. Since 2009, it has financed over $750 million in clean-energy upgrades, leveraging every $1 of public capital into $3–$30 of private investment.
Is Michigan Saves a public or private company?
Michigan Saves is a private company. It is classified as nonprofit foundation owned and is currently operating.
When was Michigan Saves founded?
Michigan Saves was founded in 2009. It employs 1 to 10 people.
Where is Michigan Saves based?
Michigan Saves is headquartered in Lansing, United States, in the North America region.
How does Michigan Saves make money?
Three revenue lines are on record. Green Bank Lending Operations are the primary driver. The others are septic Replacement Loan Program Administration and lead Poisoning Prevention Fund.
Who are Michigan Saves's main competitors?
EnergySage is listed as an others. Emerging players are Calvert Impact Capital, Coastal Enterprises, Inc. (CEI) and Opportunity Finance Network. Direct peers are Inclusive Prosperity Capital, NYCEEC (NYC Energy Efficiency Corporation), Clean Energy Credit Union, NY Green Bank, Connecticut Green Bank and Greenworks Lending (now dividend).
Does Michigan Saves have an API?
No public API is recorded for Michigan Saves.
What industry is Michigan Saves in?
Michigan Saves's product category is Green Bank Lending Services. Its primary akta.pro industry code is FSABAKAH, Green/Climate Development Banks & Funds, with a secondary code of FSABAKAI, Municipal/Local Government Development Banks. Its NAICS code is 5221 and its SIC code is 6099.