ENERGY – Energy Efficiency and Renewable Energy Program

ENERGY – Energy Efficiency and Renewable Energy Program

  Provides low cost and flexible financing for energy efficiency and renewable energy projects to help drive down costs. Eligible activities include: lighting, waste heat recovery, renewable energy systems, space conditioning including HVAC, compressed air systems, energy efficient appliance upgrades, building envelope improvements, water heaters, water heaters, motor systems, fuel switching, and necessary and incidental activities and investments related to implementation.

Details

• Funding Entity:   Vermont Bond Bank
• Funding Type:   Loan
• Funding Range:   Based on project
• Match Required:   N/A

Notes

  Loan term is up to 10 years with 2.125% interest rate and the pass through cost of an environmental review (~$3,000) Loans must achieve measurable energy use or cost savings. The target is 15%, although projects above 5% savings will be considered. An eligible use of loan proceeds is the bridging of elective pay credits (federal tax incentive available to municipalities). The Bond Bank engaged Clifton Larson Allen on a fixed fee basis to assist in the filing of elective pay documentation with the IRS for borrowers. A  local bond counsel opinion is required.