LANSING – The Michigan Saves Home Energy Loan Program will be able to offer loans up to $20,000 beginning June 1 under an order approved by the Public Service Commission on Thursday.
The program, currently limited to loans between $1,000 and $12,500, provides low-interest notes through participating lenders to assist homeowners with energy efficiency upgrades.
Supporters said the larger loans would allow additional projects, including installation of photovoltaic systems.
The program was launched in June 2009 with a $6.5 million grant from the Low-Income and Energy Efficiency Fund. The program helps to hold down the costs of efficiency upgrades by holding interest rates at 7 percent and allowing 10-year loans in some cases.
CONSUMERS’ RATES: The commission approved a partial rate settlement for Consumers Energy’s natural gas rates, allowing the utility to increase rates $31.36 million a year beginning Friday. But Consumers’ electric customers will see bills decrease because the renewable energy surcharge will decline.
Consumers had requested (Case No. U-16418) a $55.35 million increase on its natural gas rates, which the PSC staid in February.
The commission is reviewing the rest of the rate case to address such issues as advanced metering and contributions to the Low-Income and Energy Efficiency Fund.
Meanwhile, the renewable energy surcharge for electric customers will fall to 65 cents from the current $2.50 beginning in September (Case No. U-16543). The change reflects the costs of the revised program the utility filed in February.
MERGERS: The commission also adopted new rules governing mergers and acquisitions by utilities. The rules (ORR #2010-013, Case No. U-15964) provide procedures for applying for a merger and define which mergers have to be approved by the commission.
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