Residential energy efficiency projects are underway around the state as a result of $6.5 million allocated last year by the Vermont legislature to create lending opportunities that encourage smart energy use. State Treasurer Beth Pearce announced today the significant progress made during the early months of the Vermont Clean Energy Loan Fund signed into law last June which made these initiatives possible.
VHFA and Neighborworks of Western Vermont are helping to channel the funds to projects statewide. VHFA is using the new program to finance energy efficiency improvements for two projects containing 111 affordable rental units for low-income seniors in Rutland and Shelburne. The initiative is financing efficiency updates to 75 existing apartments at the Bardwell House in Rutland and the construction of 36 energy efficient housing units in Shelburne. Both projects are scheduled for completion this summer.
“The loan, combined with the Moral Obligation of the State, allowed VHFA to offer lower borrowing rates to these projects, and allowed them to move forward with much needed capital and energy efficiency improvements,” explained VHFA Chief of Program Operations David Adams.
Neighborworks of Western Vermont is using the new financing to offer low-cost loans to home owners around the state for energy improvements.
“I am pleased we were able to create a cost-effective pathway to finance clean energy and energy efficiency projects at no risk to the taxpayer. Commercial and residential groups may cost-effectively access the capital they need to finance projects important to the clean and efficient use of energy in Vermont,” Pearce said.
Read the Office of the State Treasurer’s full press release.