There are numerous benefits to being a Michigander (where else can you experience all four seasons in one day?!), but here’s one you may not know much about: the Michigan Saves program.
MI Saves is a green bank formed in 2009 with the intent of making clean energy accessible to everyone, regardless of their economic situation. This program is available for both residential and commercial lending and has financial benefits that you might want to capitalize on. Even better, you don’t need cash in hand to save money and take advantage of clean energy initiatives for your business.
With MI Saves financing, you can start implementing cost-saving energy improvements right now. Whether you want to go green with solar power, or simply install energy-efficient systems like an ENERGY STAR certified water heater or new LED lighting, financing can help you get there faster.
Everyone Benefits From Clean Energy Initiatives
There’s never been a better time to start making energy upgrades to your business. “Clean energy” is no longer just a buzzword, it’s an inevitability. Between increasing utility costs, increasing regulation of carbon footprints, and the nation’s largest companies getting on board, green energy is clearly here to stay – and this is actually great news for your business.
Clean Energy Makes Fiscal Sense for Your Company
You see significant utility cost savings when you invest in energy improvements for your commercial building. Investments like upgrading to ENERGY STAR appliances, improving insulation, replacing toilets and faucets with low-flow equipment all reduce utility bills, and they’re all eligible for MI Saves financing.
To substantially reduce CO2 emissions, U.S. and local environmental laws are starting to target carbon footprints. Since noncompliance could ultimately result in heavy fines, it’s smart to be proactive and make compliance a priority now.
Electric Vehicles: The Future Is Here
Automotive manufacturers are shifting toward an all-electric future. For instance, GM has committed to 30 new electric vehicle (EV) options by 2025, and they’ve announced they’ll go all-electric by 2035. And other automotive leaders are making similar commitments.
Do your employees or customers drive electric vehicles yet? Would installing EV charging stations attract more talent? More customers? If cost is holding you back from making EV-friendly improvements, financing can make clean energy equipment shockingly affordable.
The Internet of Things and Energy Saving
Technological advances move at a fast pace, and the Internet of Things (IoT) has spawned a whole set of smart devices to help make sure that your commercial building is only using energy when people need it.
Occupancy sensors and smart thermostats have proven their value. You don’t need to wonder if anyone left the lights on, you could easily use your phone to check and turn them off. In turn, this helps you cut down your utility bill, and could help you capitalize on MI Saves benefits.
Who Qualifies for MI Saves Financing?
Any commercial property user or owner can use MI Saves financing partners to take advantage of the program. To help you with this, Michigan Saves has created a network of authorized contractors so you can be sure the job is done well.
If your favorite contractor isn’t already part of the network, don’t worry – they can easily apply to join. The MI Saves website has simple instructions for adding contractors to their network. And by asking them to do this, you might even help your contractor bring in additional business, which is something they’ll likely appreciate.
The list of improvements eligible for the Michigan Saves commercial financing program is huge! The full list can be found here, but even if the MI Saves program doesn’t fit your energy upgrade project list, Team Financial Group will still gladly work to find a solution that fits your needs and your budget:
- Boilers, boiler controls
- ENERGY STAR appliances
- Exterior doors
- EV charging stations
- Furnaces
- Geothermal systems
- Green roofing
- HVACs, HVAC energy management systems
- Solar power systems
- Windows and window glazing
- LED lighting
- Water heaters
- Wind turbines*
*According to the Global Wind Atlas, Michigan is one of the windiest states (ranking 3rd behind Alaska and Wyoming). While windstorms pose a vulnerability to power outages, harnessing the power of the wind can keep your electricity on. That’s a win for both your business and clean energy!
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Clean Energy Financing With Team Financial Group
The Michigan Saves green bank is designed to provide insurance for independent lenders. Because of this, Team Financial Group can offer even better rates for your clean energy equipment upgrades.
Without the Michigan Saves program, it can be difficult to get clean energy projects financed through a traditional lender. “Our purpose is to serve gaps in the marketplace,” explains Mary Templeton, CEO of Michigan Saves. Templeton and her team want to make clean energy accessible and affordable, so that anyone can take advantage of these cost-saving initiatives.
If you’re ready to begin your clean energy project, but are struggling to find the resources, it’s time to see how Team Financial Group can help. We are a Michigan Saves-authorized lender, and we also have extensive experience with a wide range of equipment financing and leasing solutions.
We’ll get to know you and your business so we can tailor your financing solution to best fit your cash flow and budget. If Michigan Saves is not the right best option for your clean energy project, we’ll let you know. Team Financial Group always wants to help find the right financing solution for you, even if Michigan Saves isn’t the best fit.
And it’s entirely possible we may be able to find you an even better solution. With our different financing options, you may see that our $1 Buyout Lease is a better deal for your organization.
If you want fast, flexible financing options for clean energy equipment, Team Financial Group is a wise choice. We are often able to give same-day approvals for lending and strive to make the process simple for you. Equipment financing can be a complicated process, but our vast experience enables us to break things down for you.
Our team will work with you to make sure you have a good understanding of what your options are, and the best way for your business to reap the benefits of energy-efficient upgrades.
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You Have Questions About Michigan Saves? Let Us Know!
If you’d like to know more about how to take advantage of the Michigan Saves program, or if you’ve already got a project in mind and would like to get started with financing, we’re here for you.
You can either fill out our online contact form or give us a call at 616-735-2393. We’d love to hear more about your clean energy project and see how we can help make your project a reality.
References
Anuradha, V. (2019, December 27). Windiest states in America. Stacker. https://stacker.com/stories/3809/windiest-states-america