VEC expands incentives to help members transition off fossil fuels

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VEC expands incentives to help members transition off fossil fuels

Thu, 01/25/2018 - 6:12am -- tim

Vermont Business Magazine In 2018, Vermont Electric Co-op (VEC) is offering an expanded menu of financial incentives to VEC members for energy transformation technologies that help members move away from fossil fuels to electricity and advanced wood heating. This program includes bill credits for electric and plug-in hybrid cars as well as lower-carbon heating and cooling systems.

“We all know that buying a vehicle or upgrading a home heating system is a big commitment, even if doing so means saving pretty significant money down the road,” said Christine Hallquist, chief executive officer of VEC. “We hope these bill credits can help with these up-front costs.”

Like in 2017, VEC will continue to offer bill credits for cold-climate heat pumps ($150 per outdoor unit) and plug-in hybrid electric vehicles, like a Chevy Volt or Toyota Prius Prime, ($250 for purchase and $50/year for a lease).

VEC is boosting the bill credit for all-electric vehicles, like a Chevy Bolt or Nissan Leaf, to $500 for a purchase and $100/year for a lease.

New in 2018 are incentives for wood pellet stoves and heat pump water heaters, which are both eligible for a $150 bill credit.

These offerings are part of VEC’s Energy Transformation Program, prompted by Vermont’s Renewable Energy Standard, which was passed by Vermont lawmakers in 2015. Under the law, Vermont’s electric utilities are required to implement programs to help their customers shift their energy sources from fossil fuels like gasoline or heating fuel, to electricity or other non-fossil fuel sources.

For more information about these incentives, visit www.vermontelectric.coop.

About Vermont Electric Cooperative

Vermont Electric Cooperative (VEC), established in 1938, is a non-profit, member-owned electric distribution utility that provides safe, affordable, and reliable electric service to approximately 32,000 members in 75 communities in northern Vermont. Nationally recognized for innovative and advanced use of technology, VEC is the largest locally-owned electric distribution utility in Vermont.