Commercial Energy Loan Program

Program Commercial Energy Loan Program
Category Financial Incentive
Implementing sector State
Last Update
State Vermont
Administrator Vermont Economic Development Authority (VEDA)
Website http://www.veda.org/financing-options/vermont-commercial-financing/commercial-e…
Technologies Solar Thermal Electric, Solar Photovoltaics

The Commercial Energy Loan Program (CELP), created by Act 87 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 may fund up to 60% of the project. Loans are provided at variable rates, which are adjusted on a quarterly basis; 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 CELP loans include (1) a 1% commitment fee ($1,000 minimum and $3,500 maximum), (2) an Independent Engineer Review fee, (3) a $50 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 for this loan.

Add new comment