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Governor Whitmer’s 2021 Budget Proposes $5 million Investment In Michigan’s Green Bank

LANSING, Michigan — The nation’s first nonprofit green bank, Michigan Saves, was included in Governor Whitmer’s proposed 2021 budget today. Calling for a one-time $5 million appropriation to leverage private investment in clean energy improvements for Michigan’s residents and businesses.


Michigan Saves is a nonprofit organization dedicated to making energy improvements easy and affordable by operating as a green bank to offer financing programs that help Michigan residents take control of their energy costs through efficiency and renewable projects.


According to the governor’s executive budget recommendation, the General Fund allocation is intended to provide credit enhancement to lenders, and more favorable rates and terms for renewable energy improvements benefiting property owners and the environment.


As of December 2019, Michigan Saves has enabled more than $230 million in clean energy financing, while supporting job creation and energy independence. Michigan Saves was created by the State of Michigan in 2009 to serve as the state’s green bank. Since 2009, the organization has successfully leveraged private dollars to build residential and commercial programs that are at scale and available to every Michigan resident who consumes energy.


“We commend Governor Whitmer’s recommended investment in Michigan Saves as part of the administration’s efforts to support a cleaner environment in Michigan,” said Mary Templeton, Michigan Saves president and CEO. “Affordable energy-efficiency and renewable energy improvements are key components to creating a clean energy landscape that all Michiganders can participate in and benefit from, and our credit enhancement model is a powerful financing solution supporting that goal.”

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