| Program | Agricultural Energy Loan Program |
|---|---|
| Category | Financial Incentive |
| Implementing sector | State |
| Last Update | |
| State | Vermont |
| Administrator | Vermont Agricultural Credit Corporation (VACC) |
| Website | http://www.veda.org/financing-options/vermont-agricultural-financing/agricultur… |
| Technologies | Solar Thermal Electric, Solar Photovoltaics |
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 and $250 minimum); a $30 credit report fee; if applicable, an appraisal fee; document recording fee, flood certificate fee and other out-of-pocket fees. Projects involving New Market Tax Credit (NMTC) have no maximum.
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