Eligibility
- Businesses must be 51% owned by U.S. citizens;
- Includes (but is not limited to) companies engaged in the following industries: manufacturing, processing or assembly of products, hospitality, service providers, farms and retail. Non-profit businesses are also eligible;
- Loans may not be made for improvements to public buildings and facilities such as public schools and municipal buildings; and
- Multi-family properties are not eligible.
Use of Proceeds
- Purchase and install thermal envelope improvements; power, heating, ventilation, and cooling system improvements; lighting and new HVAC equipment that is certified as energy-efficient;
- Purchase of APU’s (Auxiliary Power Units), and equipment necessary to conduct energy audits for businesses and residences;
- Loans may not be made to refinance existing debt or assets; and
- For projects costing more than $20,000, applicants will work with Efficiency Vermont to ensure that projects meet cost-effectiveness requirements.
Loan Rates and Terms
- Please click here for current interest rates;
- The maximum loan term will be five years, but in certain cases loans may be amortized up to ten years.
Fee Structure
- 1.25% commitment fee;
- $250 minimum;
- $2,000 maximum;
- $50 credit report fee;
- $18 flood insurance certification (if required);
- Appraisal reimbursement (if applicable);
- Document recording/discharge fees; and
- $100 application fee.
Application Process
- Applications may be downloaded or obtained from VEDA’s office in Montpelier; and
- A link to VEDA’s program materials is also available from the Efficiency Vermont website www.efficiencyvermont.com.
