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 $6,000,000 for the variable option and $500,000 for the fixed rate option, and VEDA is generally limited to 60% of the project cost; and in some cases up to 90% of cost financing (up to $500,000). 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. Fixed rates have a five-year term and may be re-fixed for another five-year period.
Fees associated with CELP loans include (1) a 1% commitment fee ($5,000 maximum, for loans that are at least $1 million), (2) a 0.5% commitment fee (no cap), (3) a $250 minimum commitment fee, (4) a $30 credit report fee, (3) if applicable, appraisal fee, document recording fee, flood certificate fee, and other out-of-pocket fees.
| Implementing Sector: | State |
| Category: | Financial Incentive |
| State: | Vermont |
| Incentive Type: | Loan Program |
| Web Site: | http://www.veda.org/financing-options/vermont-commercial-financing/commercial-energy-loan-program/ |
| Administrator: | Vermont Economic Development Authority (VEDA) |
| Start Date: | |
| Eligible Renewable/Other Technologies: |
|
| Maximum Loan: | $6,000,000 |
| Loan Term: | Determined on a case-by-case basis for variable rates, and is five years for fixed rates. |
| Interest Rate: | Variable and fixed rates |
| 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 |
| Sectors: | Commercial, Local Government, Nonprofit |
| Parameters: | The incentive has a minimum of $1000000.00 |
| Name: | 10 V.S.A. § 280cc to § 280dd |
| Date Enacted: | 06/17/2013 |
| Effective Date: | 06/17/2013 |
| Name: | Vermont Economic Development Authority |
| Organization: | Vermont Economic Development Authority |
| Address: |
VT |
| Phone: | (802) 828-5627 |
| Email: | info@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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