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Solar Energy Loan

You don’t have to live in California or Florida to get the benefits from solar energy. Homeowners all over Michigan are lowering their utility bills by installing solar panels. A great loan for solar energy updates is available through the Michigan Saves Loan program.

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What is a Solar Energy Loan?

A Solar Energy Loan allows you to work with Michigan Saves authorized contractors to assess your options for solar energy and can provide installation of a solar energy system.

Genisys Credit Union is a select lender for the Michigan Saves program. This home energy improvement program is different than a home equity loan. A Michigan Saves authorized contractor* will walk you through the process of applying for the Michigan Saves solar energy loan. Lower your utility bills by installing solar panels.

  • Low fixed rates
  • Borrow up to $40,0001
  • Loan terms up to 180 months1

How Does the Process Work?

1

Find an Authorized Contractor

Find your Michigan Saves contractor* to get an estimate on qualifying home energy improvements.

Find a Contractor

2

Complete a Home Analysis

Participating contractors will complete an analysis of your home to determine its energy efficiency and the areas that you may be able to be more energy efficient.

3

Obtain your Energy Efficiency Loan

Be sure to mention that you are a Genisys Credit Union member, the contractor can help you obtain a low interest Michigan Saves Loan through Genisys Credit Union. Once the loan is approved, your contractor can get right to work.

Solar Energy Benefits

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Lower your utility bills with a solar energy system and take advantage of the many benefits:

  • Tax benefits such as the 26% tax credit2 for 2021
  • Solar panels may increase a home's resale value
  • Low maintenance required for the panels
  • Fixed rate with an affordable payment with Genisys Credit Union

Learn more at MichiganSaves.org

Solar Energy Loan FAQ

What type of solar energy updates qualify for this program?

There are several contractors that provide solar energy improvements that qualify for the Michigan Saves loan. Check with your authorized contractor* for other improvements that may be covered. If you have any questions in regards to the program, please call an External Lending Representative at 248-322-9800, ext. 1190 or visit the Michigan Saves website at www.michigansaves.org.

Can I do the work myself or does it have to be done by an approved contractor?

All work must be done by an authorized contractor* for the Michigan Saves Energy Improvement Loan. The list of Michigan Saves authorized contractors can be searched by your zip code and will tell you the name, contact information, customer rating, type of contractor, and services provided. “Advanced Contractors” are a subset of authorized contractors that have additional third-party technical certifications. Only Advanced Contractors can perform work under the whole-home option, which includes a comprehensive home energy assessment to identify qualifying energy improvements.

How do I apply for the Michigan Saves Solar Energy Loan?

The first step when applying for a Michigan Saves Solar Energy Loan is to find an authorized contractor*. The contractor will help you identify qualifying improvements and initiate the loan application process.

More Questions?

If you have any questions in regards to the program, please call an External Lending Representative at 248-322-9800, ext. 1190 or visit the Michigan Saves website at www.michigansaves.org.

*Note: Genisys Credit Union and Michigan Saves does not endorse any particular contractor. While the contractors in the contractor directory have met certain requirements for participation, you will be entering into a direct relationship with the contractor of your choice and it is important that you review their credentials, qualifications, and references to make an informed decision.

1Available for qualified borrowers.

2Tax credit is for eligible consumers. Consult your tax preparer to see if you would qualify for the tax credit.

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