It’s the nation’s first nonprofit green bank, Michigan Saves, and it announced Tuesday it would be receiving a $5.5 million grant from the State of Michigan. The contribution is record-breaking and marks as the largest the organization has received since its 2009 creation. The millions of dollars in investment will help the the organization in continuing to provide loans to support both renewable and energy efficient improvements, providing more cost savings for families, businesses, etc.
“We commend Governor Whitmer and the State of Michigan for prioritizing renewable energy improvements for residents and businesses across the state,” said Todd Parker, interim CEO for Michigan Saves. “This groundbreaking contribution will go a long way in driving the future of energy efficiency and clean energy statewide.”
Michigan Saves was created to promote investments in energy efficiency to support healthy communities and ensuring people have access to the benefits of clean energy. Taking on the mantle to be good stewards of the climate can be a costly endeavor. The green bank offers financial capital to customers to help reduce the costs.
“When it comes to greater energy independence and carbon reduction, major environmental and economic benefits, lower energy bills, and improved health, safety and comfort, no one should be excluded,” said Parker. “With the State’s support, we will continue to make sustainable upgrades more accessible for all Michiganders.”
Michigan Saves has garnered more than $500 million in clean energy financing and in doing so has supported the creation of news jobs and energy independence. The State of Michigan created Michigan Saves in 2009 to serve as the state’s green bank. Since then, the organization has successfully leveraged private dollars to build residential and commercial programs.
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