Gov. Peter Shumlin signed three bills yesterday that promote energy efficiency and clean energy for homes, farms and businesses.
The legislation creates new financing programs for residential and commercial sectors. It allows the Vermont Economic Development Authority (VEDA) to borrow up to $10 million from the state Treasury to establish loan programs and a new energy efficiency loan guarantee program. This program will be administered by VEDA.
The legislation also includes $6.5 million for to support residential efficiency loan programs. VHFA will not be administering a loan program as stated in the original press release, but will be working with other partners to take advantage of this opportunity. It is anticipated that Neighborworks of Western Vermont and the other Homeownership Centers of Vermont will be expanding their homeownership energy efficiency lending. Funds will also be available for some affordable rental housing initiatives, and for other eligible entities and programs.
A thermal efficiency law makes improvements to state building energy standards, including a more efficient “stretch code” for large residential developments that must comply with Act 250. In addition, the law requires a Public Service Board report on options to improve thermal efficiency efforts, and makes changes to the Home Weatherization Assistance Program to prioritize assistance to LIHEAP recipients for buildings that are the least efficient.
State Treasurer Beth Pearce explained the new measures “create a cost-effective pathway to finance clean energy and energy efficiency projects at no risk to the taxpayer.” She explained that “commercial and residential groups may now finance these important projects while lowering the cost of capital.”