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The Clean Energy Development Fund gives low-interest loans to clean electric energy technologies and projects.
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Vermont
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Clean Energy Development Fund Programs
The purpose of Vermont’s Clean Energy Development Fund (CEDF) is to promote clean electric energy technologies and programs, primarily with respect to renewable energy resources, and the use of combined heat and power technologies. The CEDF was established in 2005 and is funded through the terms of two memoranda of understanding between the Vermont Department of Public Service and Entergy, an investor-owned electric utility operating in Vermont. The CEDF will receive annual payments of between $6 million and $7.2 million from Entergy through March 2012.
Loans
The CEDF Loan Program seeks to promote the development of clean energy technologies by providing loans for purchasing land and buildings, purchasing and installing machinery and equipment, and working capital. Low-interest loans with a fixed rate of 4 percent are available to individuals, companies, nonprofits, and municipalities. Eligible technologies include biomass (including landfill gas), solar, wind, fuel cells, and combined heat and power.
The minimum loan amount is $50,000 with a maximum amount of $250,000. Loans may not be used for more than 90 percent of project costs. All financing must be used for activities or assets directly related to the project.
The term for real estate loans is 10 years, amortized on a 15-year basis. The maximum term for machinery and equipment loans is seven years. The term for working capital loans is three years. Borrowers must pay an application fee of 1 percent on the loan amount, which is capped at $1,500, after the loan is approved.
Application forms are available from the Vermont Department of Public Service.
Pre-Project Financial Assistance Grant
CEDF also funds feasibility studies and pre-development activities to develop new renewable energy generation facilities, which may require high risk, early stage activities and for those projects that do not have the resources to finance pre-project activities. Projects under this category may include: renewable energy resource assessments; site assessments; environmental impact and regulatory analysis; technical and engineering feasibility studies; engineering designs; and financial feasibility studies. Other similar projects not specifically listed above will also be considered. The maximum grant award for this category is $25,000 and requires a 20 percent cash match. Projects must be completed within one year of award.
Large-Scale System Grants
CEDF also provide funding to renewable energy and combined heat and power projects greater than 15 kilowatts in capacity located at commercial, industrial, institutional, and public facilities. Eligible renewable energy systems include solar, wind, geothermal, farm, landfill and sewer methane recovery, and combined heat and power systems using biomass fuels. Utility-scale installations are also eligible. All electric generation projects must be grid-connected. The maximum grant award for this category is $250,000 and requires a 50 percent match, of which no more than 25 percent can be in-kind resources. Projects should be completed within two years of award.
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