Electric Vehicle Workplace Charging Station Loan Program

Summary

The Electric Vehicle Workplace Charing Station Loan Program is operated by the Vermont Economic Development Authority (VEDA) working in conjunction with Green Mountain Power (GMP). Electric vehicle charging stations are available for profit or not-for-profit businesses, municipalities, or individuals owning or leasing a business property to an otherwise eligible business and installing a new EV Charging station(s). These include individuals, sole proprietors, LLCs, corporations, cooperatives, not-for-profits, and municipalities.

Eligible applications must be customers of GMP or another electric utility with a similar EV charging station program that is acceptable to VEDA. Eligible projects may include the purchase and installation of EV charging equipment and connection to the utility.

The loan may fund up to 80% of the project cost at a max of $25,000. Interest rates will be fixed at 4% for terms of 3 years and fixed at 5% for loans with a longer term (max of up to 5 years).