Vermont Solar Rebates and Incentives
|Program Type||Low Interest-Rate Loan|
|Technologies||Photovoltaics, Solar Thermal Electric, Wind, and other renewables|
|Amount||Minimum $50,000, Maximum $500,000, 2 percent interest rate|
|Required Documentation||Loan application, documentation that at least 10 percent of project financed by equity|
|Official Web Site||http://publicservice.vermont.gov/energy/ee_cleanenergyfund.html|
Vermont’s Clean Energy Development Fund, which is managed by the Department of Public Service, makes low interest-rate loans of 2 percent available to individuals and organizations that install renewable energy projects or to those who purchase real estate to do so. The loans can fund no more than 90 percent of a project’s costs, and the remainder must include at least 10 percent of total cost provided through borrower equity.
A written commitment from any other lenders or guarantors is required with the application. Upon approval, borrowers must pay a fee equivalent to 1 percent of the loan amount, up to $1,500. In addition, borrowers must pay any closing costs related to the loan. As of June 2010, applications were due by the second Wednesday of each month. And applications could take up to 45 days to be approved.
The loans start at $50,000 and are capped at $500,000 for 2010. For the purposes of real estate, the loans have a 10-year repayment period. For the terms of purchasing equipment, the loans carry a maximum seven-year repayment period.
The loan program is available for a wide variety of clean or renewable energy projects and is not just for PV or solar thermal energy projects. However, only PV projects larger than 10 kWs are eligible for the loans.