Michigan Saves assisting small businesses with energy efficiency
Michigan Saves www.greeningdetroit.com
Patrick Center September 9, 2013 | WGVU “We make energy improvements easy and affordable for business owners and homeowners across the state.”
Julie Bennett is executive director at Michigan Saves. It helps to eliminate some of the upfront cost to make a home or business energy efficient producing long-term savings.
“It can be quite expensive to purchase the equipment, put in new insulation, new windows, new lighting. What we help customers do is to spread those costs out over time. So, in many cases, the amount of money you’re saving on your energy bill can then be used to pay that loan. And so you’re actually coming out even but you’re more comfortable, you’ve spruced up your business, and you’re helping your environment as well.”
She tells us the program launched in 2010 and since then its averaging a million dollars in low interest loans each month helping 3,000 homeowners.Now, it’s expanding to assist small business owners seeking energy efficiency upgrades.
On average how long does it take to repay the loan?
“On the business side it’s between three and five years.”Bennett highlights the benefit.“This can be real savings. One of the grocery stores we worked with recently saves $40,000 a year on their utility bills. That was almost three months of utility bills they could just erase.”
For more information, www.michigansaves.org
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