Tuesday, February 18, 2020

USDA funds energy efficiency and renewable energy initiatives in rural Vermont with $46 million loan

The U.S. Department of Agriculture (USDA) recently awarded the Vermont Energy Investment Corporation (VEIC) a $46 million loan to promote energy efficiency and renewable energy use in the state’s rural areas.

Provided through the Energy Efficiency and Conservation Loan Program (EECLP), the funding represents the largest project supported through the EECLP since its 2013 inception.

"This loan will reduce barriers to energy investments by lowering the upfront costs, spreading these costs over 20 years, and by making financing more available," Agriculture Secretary Tom Vilsack said. "It also will help residential, commercial, agricultural and industrial consumers in rural Vermont reduce energy use and meet state and national energy goals."

The VEIC will administer the project through Efficiency Vermont, an energy efficiency utility that operates mostly in rural areas. The funding will help rural Vermont residents install renewable energy systems and upgrade to more energy efficient methods, including better fuel sources and building materials. Through these initiatives, the VEIC expects to improve life for those in rural areas by reducing energy and heating costs.

The EECLP has so far provided $56.6 million in loans to rural areas throughout the country, leading to estimated savings of 10.5 billion kilowatt hours of energy and the production of approximately 160 million gallons of biofuels.

Organizations in this Story

United States Department of Agriculture

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