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Clean Energy Development Fund (CEDF)

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Announcements ♦ Funding Opportunities ♦ Reports ♦ Clean Energy Development Board

 

In 2005, the Vermont General Assembly established the Vermont Clean Energy Development Fund (CEDF) through Act 74 (30 V.S.A. § 8015). The Act specifies that the Fund will be established and funded through proceeds due to the state under the terms of two Memoranda of Understanding between the Vermont Public Service Department (PSD) and Entergy Nuclear VT and Entergy Nuclear Operations, Inc., and by any other monies that may be appropriated to or deposited into the Fund. The CEDF received payments from Entergy through 2012. 

The goal of the Fund is to increase the development and deployment of cost-effective and environmentally sustainable electric power resources – primarily with respect to renewable energy resources, and the use of combined heat and power technologies - in Vermont. 

 

Announcements

 

  • There will be a special CED Board Meeting for June on Wednesday the 19th at 10:00 - Noon.  Location is the same as for other meetings of the Board: Giga conf. Rm. at the Public Service Department, 112 State Street, Montpelier
  • The Clean Energy Development Fund (CEDF) is preparing its Annual Program Plan and budget for the 2014 fiscal year (July 1, 2013 – June 30, 2014) and would like your input.  The CEDF is taking comments over the next few weeks – until Wednesday, June 5th.

Comments can be sent via email to: Andrew.perchlik@state.vt.us or via post to the CEDF at the Public Service Department (PSD), 112 State Street, Montpelier, VT  05620

The CEDF will develop a draft Program Plan and budget by June 10th, which will be subject to a 30 day public comment period before the Clean Energy Development Board will vote on it.  The CED Board is scheduled to meet on June 19th  to discuss and on July 10th to vote on the Program Plan and Budget for FY 2014.

The Annual Program Plan shall be consistent with the latest CEDF Five Year Strategic Plan and the Public Service Department’s Comprehensive Energy Plan.  We encourage you to review these plans before providing comments on the CEDF annual plan.

The CEDF currently has $1.4 million in unencumbered funds including $1 million of CEDF’s $3 million FY 2013 appropriation released to the CEDF in January of 2013.  $2 million of the FY13 appropriations was dedicated to the Small Scale Renewable energy Incentive (SSREI) program.  The SSREI program has $1,166,042 remaining for incentives (as of 5/14/13) and is currently the only operating CEDF program.  With the limited funds available and a change to the CEDF statute (included in House Bill 520) that no longer requires continuous funding for the SSREI program, the CEDF will be considering terminating this program during FY 2014.

The 2013 Legislature appropriated $1.3 million to the CEDF for FY’14.  Together with existing funds this will provide the CEDF with $2.7 million for the fiscal year.  Unfortunately, the CEDF no longer has a reliable source of funding as it had in the past and there is no guarantee that it will receive an appropriation for fiscal year 2015.  Thus, the $2.7 million may be the end of CEDF funding, except for dollars that are returned to the CEDF via the loans it has made (approximately $300,000 for FY ’14, if there are no defaults). 

Therefore, the CEDF encourages stakeholders to think creatively on the best way to increase renewable heat and power generation in Vermont with the $2.7 available.  The CEDF is considering a different approach than it has taken over the past seven years. 

The CEDF welcomes all comments and suggestions, and is interested in ideas for innovative approaches that optimize the use of state resources.  Specifically, here are three questions we would like to receive responses on:

  1. What would you recommend the CEDF do with the $2.7 million, in terms of programs, amounts, clean energy technologies, and timeframes?
  2. Given current funding, what is the most important thing CEDF and PSD can do in the next 12 months to meet or make progress towards CEDF’s  goals?
  3. What are the biggest challenges to your clean energy business/organization, and how can the CEDF work with you and other state agencies to solve them?

Tom Kavet (Kavet, Rockler & Associates) issued a Memorandum regarding their economic overview of the CEDF’s expenditures over the last five years. The memo outlines the positive economic impact the $28 million of CEDF incentives has had on the Vermont’s clean energy economy as well as the overall Vermont economy over the last 5 years. 

From the report’s executive summary: “Because these expenditures were directed solely to in-state projects, with most projects demanding substantial local labor and nearly 20% of all expenditures generating significant local manufacturing demand as well, the economic impact of the Fund to the State of Vermont over this period has been exceptional.”

 

Funding Opportunities

 

Reports

 

Clean Energy Development Board (CEDB)

The Clean Energy Development Board (CEDB) is charged with approving the Clean Energy Development Fund's (CEDF) annual plan, budget, program design, and strategic plan. The Public Service Department is responsible for the day-to-day decisions of the CEDF. The current Board members were appointed to the CEDB on June 29, 2011. Information on the appointed Board members can be found in the 6/28/11 press release announcing the appointments.

 

For additional information on the Clean Energy Development Fund, please Contact Us.