EGLE program to offer low-interest loans to homeowners to replace septic systems
GRAND RAPIDS, Mich. (WOOD) — No homeowners want to deal with a blown septic tank, and no one wants wastewater creeping into their homes or wells. That’s why the Michigan Department of Environment, Great Lakes and Energy is partnering with Michigan Saves, the state’s first nonprofit green bank, to launch a new program to help homeowners get ahead of the problem.
The Septic Replacement Loan Program will provide low-interest financing options up to $50,000 to homeowners across the state looking to replace their septic systems.
“Through the initiative, EGLE and Michigan Saves aim to protect Michigan’s water resources and safeguard the well-being of its residents,” the agency said in a statement.
Anne Mitchell, who will manage the new program for EGLE, says a sudden septic failure can pose big problems for the majority of Michigan homeowners.
“According to a 2024 Bankrate survey, 56% of Americans struggle to cover a $1,000 emergency. So, we are thrilled to offer this financial benefit to anyone facing the daunting task of replacing a failing septic system,” Mitchell stated.
Aside from the mess, untreated wastewater can contaminate surface water and drinking water, which poses a significant health risk.
The Michigan Legislature has allocated $35 million to EGLE to launch the program.
Loans will be divided into two tiers: income-based financing and market-based loans. Income-based loans will range up to $30,000, while market-based loans can extend up to $50,000. Rates, terms and amounts will vary.
To qualify, all septic systems must be installed by a Michigan Saves-certified contractor and have the proper permits from local authorities.
Copyright 2024 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
For the latest news, weather, sports, and streaming video, head to WOODTV.com.
