VEIC launches pilot project to increase transportation efficiency for businesses
VEIC is launching a new initiative to finance and guide projects that will reduce transportation costs for Vermont businesses. Last year VEIC was awarded funding from the 11th Hour Project to develop a Transportation Energy Services Company (ESCO) and offer businesses guidance and access to sustainable financing options, and technical assistance for electric vehicle fleet acquisition and the installation of workplace charging infrastructure.
Implementation of the Transportation ESCO has now begun and the funding is being put to use. VEIC is seeking participation in this initiative from businesses looking to implement transportation efficiency projects. Eligible projects include: switching fleet vehicles over to electric and plug-in hybrid electric vehicles; investing in efficient fleet vehicles as an alternative to reimbursing employees at the federal mileage rate; and other creative proposals for meeting employees’ transportation needs, reducing commuting costs, and reducing greenhouse gas emissions from transportation.
The Transportation ESCO will provide participating businesses with access to multiple financial resources, including low interest loans through the Vermont State Infrastructure Bank, and environmental credit markets. This initial capital will spur the adoption of new transportation technologies. The program will enable businesses to take a leadership role in support of clean transportation options while reducing the environmental impact of transport in the state and achieving long-term operating cost reductions.