For a limited time, Vermonters looking to borrow money to buy in to a community solar array can tap into some state grant money to lower their interest rates.
The Vermont Public Service Department has granted $125,000 of Clean Energy Development Fund money to lower community solar loan rates through the Vermont State Employees Credit Union (VSECU).
The grant-enhanced loans are available through March, or until the funds are depleted. The amount the interest rate is lowered depends upon the borrower's income. Annual percentage rates on loans for between $5,000 and $40,000 could be lowered by 0.5 percent, 1 percent or 1.5 percent.
"This grant gives us additional resources to help Vermonters who wish to go solar, but don’t have an ideal site for solar panels, are renters, or just want to benefit from the cost effective alternative of owning panels in a community solar project,” said Laurie Fielder, VGreen program director at VSECU.
VSECU sent out a press announcement stating it is currently seeking eligible applicants. To be eligible, applicants must be Vermont residents working with an eligible solar company and securing a loan through VSECU’s VGreen program for residential energy improvement projects.