| Implementing Sector | State |
|---|---|
| Category | Financial Incentive |
| State | Vermont |
| Incentive Type | Loan Program |
| Web Site | Vermont Economic Development Authority (VEDA) - Commercial Energy Loan Program |
| Administrator | Vermont Economic Development Authority (VEDA) |
| Eligible Renewable/Other Technologies | Geothermal Electric, Solar Thermal Electric, Solar Photovoltaics, Wind (All), Biomass, Hydroelectric, Combined Heat & Power, Landfill Gas, Geothermal Direct-Use, Anaerobic Digestion, Fuel Cells using Renewable Fuels |
| Eligible Efficiency Technologies | Equipment Insulation, Lighting, Lighting Controls/Sensors, Chillers, Furnaces, Boilers, Heat pumps, Air conditioners, Heat recovery, Steam-system upgrades, Compressed air, Programmable Thermostats, Caulking/Weather-stripping, Duct/Air sealing, Building Insulation, Windows, Doors, Siding, Roofs, Reflective Roofs, LED Lighting |
| Applicable Sectors | Commercial, Local Government, Nonprofit |
| Maximum Loan | $2,000,000 |
| Loan Term | Determined on a case-by-case basis |
| Interest Rate | Variable rates |
The Commercial Energy Loan Program (CELP), created by Act 87 in 2013, is administered by the Vermont Economic Development Authority (VEDA). The CELP provides loans to businesses for larger renewable energy and energy efficiency projects.
The maximum loan amount is $2,000,000, and VEDA is generally limited to 60% of the project cost; and in some cases up to 90% of cost financing. Loans are provided at variable rates, which are adjusted on a quarterly basis; current rates can be found here. Loan terms are determined on a case-by-case basis, with a maximum loan term of 20 years.
Fees associated with CELP loans include (1) a 1% commitment fee ($5,000 maximum), (2) a $30 credit report fee, (3) if applicable, appraisal fee, document recording fee, flood certificate fee, and other out-of-pocket fees.
| Name | 10 V.S.A. § 280cc to § 280dd |
|---|---|
| Date Enacted | 06/17/2013 |
| Effective Date | 06/17/2013 |
