| 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) |
| Eligible Renewable/Other Technologies: | Geothermal Electric, Solar Thermal Electric, Solar Photovoltaics, Wind (All), Biomass, Hydroelectric, Combined Heat & Power, Landfill Gas, Geothermal Direct-Use, Anaerobic Digestion, Fuel Cells using Renewable Fuels |
| Eligible Efficiency Technologies: | 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, Reflective Roofs, LED Lighting |
| Name: | 10 V.S.A. § 280cc to § 280dd |
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 $2,000,000, and the percent of the project funded by VACC is negotiable. Loans up to $350,000 can typically be approved internally, loans exceeding $350,000 are presented to the VACC Board monthly for consideration. 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, with a maximum loan term of 20 years.
Fees associated with AELP loans include (1) a 0.5% commitment fee ($250 minimum and $2,500 maximum), (2) an Independent Engineer Review fee, (3) a $25 credit report fee, (4) an $18 flood insurance certification (if required), (5) an appraisal reimbursement (if applicable), and (6) document recording and discharge fees. There is no application fee associated with this loan.
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