Vermont
Incentives/Policies for Renewables & Efficiency
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Last DSIRE Review: 07/16/2009
| Incentive Type: |
Property Tax Financing Authorization |
| State: |
Vermont |
| Eligible Efficiency Technologies: |
Yes; specific technologies not identified,
TBD by Efficiency Vermont
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| Eligible Renewable/Other Technologies: |
Solar Water Heat,
Solar Thermal Electric,
Photovoltaics,
Landfill Gas,
Wind,
Biomass,
Hydroelectric,
Geothermal Electric,
Anaerobic digestion,
Fuel Cells using Renewable Fuels
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| Applicable Sectors: |
Commercial,
Industrial,
Residential,
Multi-Family Residential,
Low-Income Residential,
Agricultural,
Institutional
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| Financing Terms: | Financing may not exceed 15% of assessed property value; combined amount of assessment and outstanding mortgages may not exceed 90% of assessed property value
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| Eligible Local Governments: | Cities, towns, incorporated villages
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| Possible Revenue Sources: | Bond issuance, payments collected for reserve fund
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Authority 1:
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H.B. 446
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| Date Enacted: | 5/27/2009 |
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Summary:
"Property tax financing" allows property owners to borrow money to pay for energy improvements. The amount borrowed is repaid through an increased property tax assessment over a period of years. Vermont enacted legislation in May 2009 (H.B. 446) that authorizes local governments to create districts to provide financing to property owners for renewable energy and energy-efficiency projects. Voter approval is required to establish a financing district. Contact your local government to find out if financing is available for renewable energy and/or energy efficiency through special property tax assessments.
Eligible renewable-energy technologies include solar water heating, photovoltaics (PV), landfill gas, wind, biomass, hydroelectric, geothermal-electric, anaerobic digestion and fuel cells using renewable fuels. Eligible energy-efficiency projects will be determined by Efficiency Vermont. Participating property owners must conduct an energy audit to quantify project costs, energy savings and carbon impacts.
Property owners 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. The property owner must agree to a special assessment and lien on the property. The municipality is responsible for administering the program and may create a reserve fund in the event of foreclosure of participating properties. 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.
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Please note: The information on the DSIRE web site provides an overview of incentives and other policies, but it should not be used as the only source of information when making purchasing decisions, investment decisions, tax decisions or other binding agreements. Please refer to the individual contact provided in each record to verify that a specific incentive or other policy is applicable to your specific project.
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