The Lansing Regional Chamber of Commerce, in partnership with the nonprofit Michigan Saves, is offering zero percent loans to companies that want to invest in energy efficiency.
“Reducing energy waste is among the fastest ways for a business to add money to its bottom line,” said Tim Daman, President and CEO of the Lansing Chamber. “And you cannot beat zero percent financing!”
The Business Energy Financing program offers two-year loans of up to $50,000 to finance energy-efficient lighting, refrigeration, heating and cooling, and other improvements. It is administered by Michigan Saves, a nonprofit dedicated to making energy improvements easy and affordable.
“Chambers of commerce are ideal partners because they are always looking for ways to help their member companies, and they are trusted sources of information with deep roots in their communities,” said Executive Director Mary Templeton.
The Lansing chamber, which is promoting the region as a revitalized center of energy-efficient manufacturing, recently announced the partnership to it its member companies, urging them to take advantage of the opportunity to save on energy costs.
The Dearborn Country Club, a property inspired by Henry Ford, is one example of a company that has benefited from energy retrofits made possible by Michigan Saves. After installing LED lighting, Michigan Saves estimates that the club will save an estimated $43,000 a year in energy costs.
“It just made sense,” the club’s general manager, John Matway has said. “When we factored in the rebates from the utility companies and how much energy we would save, the board knew it was a good decision.”
Elsewhere in Michigan, the Traverse City Area Chamber of Commerce, in partnership with Traverse City Light and Power, has also expanded a loan program to help local businesses reduce electricity consumption and lower utility bills. The program offers a $200,000 Energy Efficiency Revolving Loan Fund and—in yet another sign of growing interest in energy efficiency—already has a waiting list of companies seeking loans.