Over $5 Million for Renewable Energy

Over $5 Million for Renewable Energy Projects Made Available to Home and Businesses

The  Vermont Clean Energy Development Fund (CEDF) Board announced that they have made available $5.5 million to support the installation of solar & small wind projects on homes & businesses across VT. The funds are part of the Dept. of Energy’s State Energy Program funds provided by the federal American Recovery & Reinvestment Act (ARRA).

The $5.5 million will allow Vermont to continue the Small Scale Renewable Energy Incentive Program that was first established in 2003. The program ran out of State funding in 2009. The newly funded & expanded program will begin to take incentive reservations on April 22 – Earth Day.

“This incentive program has been the foundation for building the renewable energy industry in VT,” said CEDF Board co-chair Robert Dostis. “We are excited to put these funds to work helping to stimulate the economy, create jobs & reduce energy costs for Vermonters,” said Mr. Dostis.

Over the last six years the incentive program has been funded from various sources, including funds from the state’s two biggest utilities (CVPS & GMP) & has had several starts & stops as funding became available. Since 2003, the program has provided over $5 million in incentives leveraging over $25 million dollars in solar electric, solar hot water & small wind systems. Over 1,300 renewable energy solar & wind systems have been installed due to this program.

“We are fortunate to be able to support Vermont’s interest in generating local renewable energy,” said Sam Swanson, co-chair of the CEDF Board.  “These ARRA funds will be leveraged by private funds on a 5 to 1 basis, resulting in hundreds of new renewable energy systems and millions of dollars worth of economic activity in Vermont’s growing renewable energy sector.”  The announcement was made at a press conference on April 21st, 2010 at the State House, in Montpelier.

The Incentive program will be administered by the Renewable Energy Resource Center (RERC), a project of the Vermont Energy Investment Corporation (VEIC). The CEDF was created by the Legislature in 2005 to increase the development of renewable energy & combined heat & power technologies. In 2009, the fund received $31.5 million from the federal government under ARRA.

Information, contact: Andrew Perchlik, VT Clean Energy Development Fund.
(802) 828-4017; Andrew.perchlik@state.vt.us
•  http://www.state.vt.us/psd ♻