The Agricultural Energy Loan Program (AELP), created through Act 87 in 2013, 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 loan amount is $5,000,000, and the percentage 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.
Fees associated with AELP loans include a 1% commitment fee ($5,000 maximum); a $30 credit report fee; if applicable, an appraisal fee; a $900 approximate fee for independent project review; if required an $18 flood insurance certification; and document recording/discharge fees.
| Implementing Sector: | State |
| Category: | Financial Incentive |
| State: | Vermont |
| Incentive Type: | Loan Program |
| Web Site: | http://www.veda.org/financing-options/vermont-agricultural-financing/agricultural-energy-loan-program/ |
| Administrator: | Vermont Agricultural Credit Corporation (VACC) |
| Start Date: | |
| Eligible Renewable/Other Technologies: |
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| Maximum Loan: | $5,000,000 |
| Loan Term: | Determined on a case-by-case basis |
| Interest Rate: | Variable Interest Rates |
| Name: | 10 V.S.A. § 280cc to § 280dd |
| Date Enacted: | 06/17/2013 |
| Effective Date: | 06/17/2013 |
| Name: | Colleen Leonard |
| Organization: | Agricultural Loan Officer - Vermont Economic |
| Address: |
58 East State Street Montpelier VT 05602 |
| Phone: | (802) 751-0655 |
| Email: | cleonard@veda.org |
| Name: | Eric Hall |
| Organization: | Agricultural Loan Officer - Vermont Economic |
| Address: |
58 East State Street Montpelier VT 05602 |
| Phone: | (802) 388-1939 |
| Email: | ehall@veda.org |
| Name: | Ellen Howrigan |
| Organization: | Agricultural Loan Officer - Vermont Economic |
| Address: |
58 East State Street Montpelier VT 05602 |
| Phone: | (802) 657-4269 |
| Email: | ehowrigan@veda.org |
This information is sourced from DSIRE; the most comprehensive source of information on incentives and policies that support renewables and energy efficiency in the United States. Established in 1995, DSIRE is operated by the N.C. Clean Energy Technology Center at N.C. State University.
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