Solar & Battery Regulation & Incentive Programs
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 may fund up to 60% of the project. 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 ($1,000 minimum and $3,500 maximum), (2) an Independent Engineer Review fee, (3) a $50 credit report fee, (4) an $18 flood insurance certification (if required), (5) an appraisal reimbursement (if applicable), and (6) document recording and discharge fees. There is no application fee for this loan.
Name | Enacted Date | Effective Date | Expired Date |
---|---|---|---|
10 V.S.A. § 280cc to § 280dd | 06/17/2013 | 06/17/2013 |