Solar & Battery Regulation & Incentive Programs

Commercial Energy Loan Program

Program Overview


Category:
Financial Incentive
Program Type:
Loan Program
Implementing Sector:
State
State:
Vermont
Eligible Storage Technologies:
Geothermal Electric, Solar Thermal Electric, Solar Photovoltaics, Wind (All), Biomass, Hydroelectric, Combined Heat & Power, Landfill Gas, 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, Geothermal Direct-Use, Anaerobic Digestion, Fuel Cells using Renewable Fuels, Reflective Roofs, LED Lighting
Website:
http://www.veda.org/financing-options/vermont-commercial-financing/commercial-energy-loan-program/
Maximum Loan:
$2,000,000
Loan Term:
Determined on a case-by-case basis; maximum of 20 years
Interest Rate:
Variable rates; current rate is 3.00%
Administrator:
Vermont Economic Development Authority (VEDA)
Applicable Sectors:
Commercial, Local Government, Nonprofit
Last Updated:
10/28/2016

Summary

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.


Authorities

NameEnacted DateEffective DateExpired Date
10 V.S.A. § 280cc to § 280dd06/17/201306/17/2013