Thursday, November 12, 2015

Vermont Introduces Community Solar Financing | CESA

"While it’s true that solar is more competitive than ever, it is still not an equal-access commodity; and competitive pricing may not help much if you don’t own property or enjoy a good credit rating. For this reason a number of CESA member states have expressed interest in programs, such as community solar, that could help make the technology accessible to those who have not heretofore been able to access it."

"Now Vermont has taken the concept a step farther, with a financing program for community solar projects that will buy down interest rates for residents who need to borrow in order to participate. The Vermont Community Solar Loan Program, administered by the Vermont Public Service Department’s Clean Energy Development Fund, will provide affordable financing to help low-income Vermonters buy an ownership interest in community solar projects with up to 500 kW capacity. The interest rate buy-down will be funded through support from the SunShot Initiative Rooftop Solar Challenge II, and the loans will be administered through the Vermont State Employees Credit Union. The program will offer unsecured or secured loans up to $40,000, with terms up to 15 years."

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