Michigan program finances first megawatt of solar, with ambitious goals ahead

A clean energy financing program in Michigan reached a milestone last month when it helped homeowners and businesses install 1 megawatt of solar energy across the state. Michigan Saves — which was created by a $6.5 million Michigan Public Service Commission grant in 2009 — acts as a green bank by financing clean energy projects at homes and businesses. While it deals mostly in energy efficiency projects, it also removes the barrier of high upfront capital costs for solar installations.Since June 2011, the program has helped finance installations at 132 homes and nine businesses, totaling $3.5 million in solar investment. In all, Michigan Saves has been involved with roughly 8,600 projects totaling $102 million in clean energy investment.