Vermont WRAP expands equitable on-bill financing program

The Vermont Housing Finance Authority (VHFA) launched the Weatherization Repayment Assistance Program (WRAP) as a statewide on-bill financing pilot to broaden access to energy efficiency and beneficial electrification for low- and moderate-income households.

• Program design and scale: WRAP is the first statewide on-bill financing program to include most utilities in Vermont (Green Mountain Power, Vermont Gas, Burlington Electric Department, Village of Ludlow Electric Light Department, Hardwick Electric Department, Vermont Electric Cooperative) covering ~85% of Vermont’s population; repayments are tied to the utility meter via an opt-in tariff and underwriting uses 12-month on-time utility payment history (no credit scores).
• Funding, incentives, and results: Backed by $9 million in seed capital from Vermont’s 2021 budget; as of July 1, 2025 WRAP completed 20 projects (40 more expected by year-end) and has financed $275,000 total; program can finance up to 75% of project costs (financing capped at $20,000 per project), VHFA incentives up to $1,500, WRAP incentives up to $6,000, loans up to 15 years at 2% interest, average project cost $17,080, average financing per project ~$7,000, average monthly participant energy savings $60 while monthly payments average $52.