Agricultural Energy Loan Program (Vermont)

Summary

Last modified on February 12, 2015.

Financial Incentive Program

Place	Vermont
Name	Agricultural Energy Loan Program
Incentive Type	State Loan Program
Applicable Sector	Agricultural
Eligible Technologies	Equipment Insulation, Lighting, Lighting Controls/Sensors, Chillers, Furnaces, Boilers, Heat pumps, Central Air conditioners, Heat recovery, Steam-system upgrades, Compressed air, Programmable Thermostats, Caulking/Weather-stripping, Duct/Air sealing, Building Insulation, Windows, Doors, Siding, Roofs, Agricultural Equipment, CHP/Cogeneration, Solar Thermal Electric, Photovoltaics, Landfill Gas, Wind, Biomass, Hydroelectric, Geothermal Electric, Anaerobic Digestion, Fuel Cells using Renewable Fuels, LED Lighting
Active Incentive	Yes
Implementing Sector	State/Territory
Energy Category	Renewable Energy Incentive Programs, Energy Efficiency Incentive Programs
Maximum Incentive	1,355,000
Terms	Determined on a case-by-case basis; maximum term is 20 years
Program Administrator	Vermont Agricultural Credit Corporation (VACC)
Website	http://www.veda.org/financing-options/vermont-agricultural-financing/agricultural-energy-loan-program/
References	DSIREDatabase of State Incentives for Renewables and Efficiency

Summary

The Agricultural Energy Loan Program (AELP) is one of four loan programs under Vermont's Sustainable Energy Loan Fund. The AELP, created in 2013 as part fo the fund, is administered by the Vermont Agricultural Credit Corporation (VACC). The AELP provides loans to agriculture- or forest product-based companies for renewable energy and energy efficiency projects.

The maximum total amount of loans that can be ouststanding to a borrower at any time is $1,355,000. The percent of the project funded by VACC is negotiable. Loans are provided at variable rates, although fixed rates may be available in some circumstances; current rates can be found here . Loan terms are determined on a case-by-case basis, but the maximum loan term is 20 years.

Fees associated with AELP loans include (1) a 0.5% commitment fee ($250 minimum and $2,500 maximum), (2) a $25 credit report fee, (3) an $18 flood insurance certification (if required), (4) an appraisal reimbursement (if applicable), and (5) document recording and discharge fees. There is no application fee associated with this loan.

Incentive Contact

Contact Name	Steve Greenfield
Department	Vermont Economic Development Authority (VEDA)
Place	Montpelier, Vermont
Phone	(802) 828-5459
Email	sgreenfield@veda.org
Website	http://www.veda.org/

Authorities (Please contact the if there are any file problems.)

Authority 1:	H. 395 (Act No. 87)
Date Effective	2013-06-17
Date Enacted	2013-06-17

• Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.