Agricultural Energy Loan Program

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Program Agricultural Energy Loan Program
Category Financial Incentive
Implementing sector State
Last Update
State Vermont
Administrator Vermont Agricultural Credit Corporation (VACC)
Website http://www.veda.org/financing-options/vermont-agricultural-financing/agricultur…
Budget -
Start Date
Technologies Solar Thermal Electric, Solar Photovoltaics
Sectors
Summary

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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