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 $2,000,000, and VEDA is generally limited to 60% of the project cost; and in some cases up to 90% of cost financing. 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.
Fees associated with CELP loans include (1) a 1% commitment fee ($5,000 maximum), (2) 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: | $2,000,000 |
| Loan Term: | Determined on a case-by-case basis |
| Interest Rate: | Variable rates |
| Name: | 10 V.S.A. § 280cc to § 280dd |
| Date Enacted: | 06/17/2013 |
| Effective Date: | 06/17/2013 |
| Name: | Eun-Young Denny |
| Organization: | Senior Commercial Loan Officer - Vermont Econ |
| Address: |
58 East State St, Suite 5 Montpelier VT 05602 |
| Phone: | (802) 828-5460 |
| Email: | edenny@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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