Commercial Energy Loan Program (Vermont)

Summary

Last modified on February 12, 2015.

Financial Incentive Program

Place	Vermont
Name	Commercial Energy Loan Program
Incentive Type	State Loan Program
Applicable Sector	Commercial
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, 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	2,000,000
Terms	Determined on a case-by-case basis; maximum of 20 years
Program Administrator	Vermont Economic Development Authority (VEDA)
Website	http://www.veda.org/financing-options/vermont-commercial-financing/commercial-energy-loan-program/
References	DSIREDatabase of State Incentives for Renewables and Efficiency

Summary

The Commercial Energy Loan Program (CELP) is one of four loan programs under Vermont's Sustainable Energy Loan Fund. The Fund, created 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 will only fund up to 40% of the project. The remainder is typically funded 50% by a bank and 10% by the borrower. 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 CELP loans include a 1% commitment fee ($1,000 minimum and $3,500 maximum), a $50 credit report fee, an $18 flood insurance certification (if required), an appraisal reimbursement (if applicable), and document recording and discharge fees. There is no application fee for 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.