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Funding Resources

Funding Resources
VT Loans, Clean Energy Development Fund (CEDF)
Type of Incentive Loan
Eligible States VT
Eligible Utility Entergy
Eligible Technology Backpressure Turbine, Boiler, Combustion Turbine, Condensing Turbine, Extracting Turbine, Fuel Cell, Microturbine, Other, Reciprocating Engine, Heat Recovery Generator, Stirling Engine
Eligible Fuel Biogas, Biomass, LFG, Other
Eligible Project Size All (MW)
Critical Information The Clean Energy Development Fund (CEDF) Loan Program seeks to promote the development of clean electric-energy technologies by providing funding for purchasing land and buildings (when specific to qualifying projects), purchasing and installing machinery and equipment, and working capital. Low-interest loans with a fixed rate of 2% are available to individuals, companies, nonprofits and municipalities. Eligible clean electric-energy technologies generally include solar, wind, biomass, fuel cells and combined heat and power (CHP).

The minimum loan amount is $50,000; the maximum amount is $500,000. Loans may not be used for more than 90% of the cost of a project.

All financing must be used for activities or assets directly related to the project. Feasibility studies are not eligible expenses.
Start Date 7/1/2005
End Date

 

Minimum Efficiency (%)

 

Additional Information The CEDF loan program provides low-interest loans with a fixed rate of 2 percent to individuals, companies, non-profits, and municipalities to promote the development of clean electric-energy technologies. Funds may be used for land and building purchases, machinery/equipment purchases, and for working capital. Loan terms are:

* Real Estate: 10 years with 15 year amortization

Working capital loans are not available. Borrowers must pay an application fee of 1% on the loan amount, capped at $1,500, after the loan is approved. And, borrowers must pay closing costs. Applications are due monthly (the second Wednesday of every month). The CEDF Board reviews applications and makes loan determinations typically within 60 days.

Projects will be evaluated on credit worthiness (according to standard underwriting practices), financial leverage, likeliness to increase renewable energy generating or CHP capacity to Vermont ratepayers, economic impact, market impact, public benefit, strength of management team, reductions in greenhouse gas emissions, conformity with goals of the American Recovery and Reinvestment Act (ARRA), compliance with building energy codes (additional consideration given to high performing buildings or above code energy efficient buildings), and financial need among other criteria.

The CEDF was established in 2005 and is funded through proceeds due under the terms of two memoranda of understanding between the Department of Public Service and Entergy, an investor-owned electric utility operating in Vermont. The CEDF will receive payments between $4 million to $7 million annually from Entergy through March 2012.
Web Site http://publicservice.vermont.gov/energy/ee_cleanenergyfund.htmlExit EPA
Additional Web Site http://www.dsireusa.org/incentives/incentive.cfm?Incentive_Code=VT30F&re=1&ee=1Exit EPA
Primary Contact Andrew Perchlik
112 State Street, Drawer 20
Montpelier, VT 05620
U.S.A.
Andrew Perchlik (andrew.perchlik@state.vt.us)
(802) 828-2811

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