| 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 $6,000,000 for the variable option and $500,000 for the fixed rate option, and VEDA is generally limited to 60% of the project cost; and in some cases up to 90% of cost financing (up to $500,000). 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. Fixed rates have a five-year term and may be re-fixed for another five-year period.
Fees associated with CELP loans include (1) a 1% commitment fee ($5,000 maximum, for loans that are at least $1 million), (2) a 0.5% commitment fee (no cap), (3) a $250 minimum commitment fee, (4) a $30 credit report fee, (3) if applicable, appraisal fee, document recording fee, flood certificate fee, and other out-of-pocket fees.
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