Commercial Energy Loan Program (Vermont)
Last modified on February 12, 2015.
Financial Incentive Program
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.
|Contact Name||Steve Greenfield|
|Department||Vermont Economic Development Authority (VEDA)|
Authorities (Please contact the if there are any file problems.)
|Authority 1:||H. 395 (Act No. 87)|
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.