Vermont’s capitol city, Montpelier, is the smallest state capital in the U.S., with a population of less than 9,000 people. But they make up for that by claiming the largest producer of maple syrup in the U.S title. Vermont is also surrounded by forests with over three-quarters of the state covered in greenness but alas the state has had a tough time passing renewable energy legislation. In 2007, House Bill 520, which supports renewable energy power projects of all types and all sizes—wind, solar, hydro, and biomass, was passed by both the Vermont House and Senate but was ultimately vetoed by Governor Jim Douglas. On the solar legistation front, Vermont has not been too active apart from continuing to fund the Small-Scale Renewable Energy Incentive Program.
- You may opt in to a program by signing a contract with the municipality’s Clean Energy Assessment District.
- The contract specifies the amount of the loan, the terms of repayment and the associated risks.
- You must agree to a special assessment and lien on the property.
- The municipality may release a lien on a property once the property owner has met the terms of the loan, or in the event of a foreclosure.
- Financing may not exceed 15% of assessed property value.
- In order to net meter, customers must first apply for and receive a “Net Metering Certificate of Public Good” from the Vermont Public Service Board (PSB).
- An additional meter must be installed to record each system’s output and Green Mountain Power will reimburse customers for up to $300 of the expenses associated with the additional meter.
- You retain ownership of the renewable-energy credits (RECs) associated with the electricity generated by PV systems.
- Loans are provided at a fixed rate of 2%;
- Eligible clean electric-energy technologies generally include solar, wind, biomass, fuel cells and combined heat and power (CHP).
- The minimum loan amount is $50,000; the maximum amount is $500,000.
- Loans may not be used for more than 90% of the cost of a project.
- The maximum term for equipment loans is 7 years.
- Borrowers must pay an application fee of 1% on the loan amount, capped at $1,500, after the loan is approved. And, borrowers must pay closing costs.
- Applications are due quarterly (July 1, October 1, January 1, and April 1).
- The CEDF Board reviews applications and makes loan determinations typically within 60 days.
This program was initiated in June 2003 to provide funding for new solar water heating, solar electric (photovoltaic) , wind, and micro-hydro energy system installations. It is currently in its sixth round of funding (5.2 million dollars). These funds were made available as part of the American Recovery and Reinvestment Act (ARRA) via the Vermont Clean Energy Development Fund.
- The program is available to single and multi-family residences;
- Residential rebates are $1.50/Watt (W) up to 10 kilowatts (kW) with a maximum incentive of $15,000;
- There is a special category for low-income familes to recieve $3.00/W DC up to 10 kW with the maximum incentive up to 35% of project costs;
Once a total of 750 kW of applications have been reserved during this sixth round of funding under the residential and commercial categories, solar incentive levels will be reduced. Only systems installed by pre-approved installers will be eligible for funding and once your application is accepted have 9 months to complete the installation
|Utility||Green Mountain Power|
|Av. Monthly Electricity Bill||$192|
|System Size||8.1 kW|
|Annual Electricty Production||9,358 kWh|
|% Reduction in Electricity Bill||65|
|Cost / Watt (installed)||$7.00|
|Green Mountain Power – Solar GMP $ 0.06 per kWh (10 years)||$5,610 (total payment)|
|Federal Tax Incentive||$13,365|
|NET COST including GMP payment||$25,575|
|New Av. Monthly Electric Bill||$67|
|Monthly Loan Payment (30 yrs, 6%, 0 down)||$186|
|Green Mountain Power Production Incentive Payment||$47|
|NEW MONTHLY NET COST||$146|
|Cummulative Lifetime Savings||$75,767 over 25 years|
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