Agricultural Energy Loan Program

May 22, 2024

Summary

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.

Program Overview

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:
  • 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
  • Agricultural Equipment
  • Geothermal Direct-Use
  • Anaerobic Digestion
  • Fuel Cells using Renewable Fuels
  • Reflective Roofs
  • LED Lighting
Maximum Loan: $5,000,000
Loan Term: Determined on a case-by-case basis
Interest Rate: Variable Interest Rates

Incentives

This program has 1 incentives
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, Agricultural Equipment, Geothermal Direct-Use, Anaerobic Digestion, Fuel Cells using Renewable Fuels, Reflective Roofs, LED Lighting
Sectors: Agricultural
Parameters: The incentive has a minimum of $1000000.00

Authorities

Name: 10 V.S.A. § 280cc to § 280dd
Date Enacted: 06/17/2013
Effective Date: 06/17/2013

Contact

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.