Community members were welcomed by Abby Wallace, of Michigan Environmental Council, to the presentation Green Bank Energy Financing on Tuesday, 2/27 at the Gallery Coffee Co. This community education seminar was cohosted by the Michigan Environmental Council and Alger County Renewable Energy Solutions (ACRES). Tuesday’s event was held to provide information and options on financing renewable energy projects for the home and business.
ACRES member, John Forslin, started the presentation with an explanation of the Inflation Reduction Act, stating that “The legislation, enacted in 2023, is in effect for 10 years and offers significant tax credits and rebates for electrification of home and business. . . You can replace your appliances in ‘normal’ replacement rotation over the next decade!”
Mac McCabe, Contract Account Manager, and featured speaker, explained what a green bank was. Michigan Saves (MS) was started in 2009 and was the first green bank in Michigan. The organization offers unsecured, low interest loans to individuals and businesses. It provides a contractor network for customers to select from. The contractors are vetted by MS by a training process that makes them more knowledgeable and includes a Contractor Badge rating. McCabe stated that “Any loan made through MS requires the installation of high efficiency energy appliances and equipment. Energy efficiency saves money in the long run.” To apply for a loan from Michigan Saves, the applicant must first contact a contractor from the MS listing. The contractor creates a bid. The applicant then submits the bid through the MS website to be approved or declined. Forslin, offered his personal experience with using Michigan Saves, saying that when he obtained a loan using the process, “We were approved in seconds in the middle of the night”.
Following the presentation, further discussion was held to answer questions from the audience. Information was provided about heat pumps both air-sourced and groundsourced, known as geothermal. Mike Larson, of Michigan Energy Options, stated that “Current premium heat pumps will provide rated BTU capacity down to -15F.” They work by inverter driven technology and use air or ground sourced “energy” to be either heated or cooled for use in the home.
Conan Smith, CEO of the Michigan Environmental Council spoke about barriers to renewable energy projects at a home and business scale. Barriers include finding an experienced installer, funding, and understanding the rules to get the most out of a project. The MEC/ ACRES partnership plans to continue to hold additional community education seminars to promote renewable energy use and energy efficiency to residents, businesses, and municipalities in Alger County. “The conversation was lively, the information shared, rich” stated one participant upon reflection of the event.
