Last Updated March 7, 2023
Program Overview
Category:
Financial Incentive
State:
Vermont
Incentive Type:
Loan Program
Administrator:
Vermont Agricultural Credit Corporation (VACC)
Start Date:
N/A
Expiration Date:
N/A
Applicable Sectors:
N/A
Eligible Renewable/Other Technologies:
N/A
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 $5,000,000, and the percentage of the project funded by VACC is negotiable. 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.
Fees associated with AELP loans include a 1% commitment fee ($5,000 maximum); a $30 credit report fee; if applicable, an appraisal fee; a $900 approximate fee for independent project review; if required an $18 flood insurance certification; and document recording/discharge fees.