Renewable energy fund. All carbon pollution impact fee proceeds, except those funds needed to administer this article, shall be placed in a renewable energy fund established and managed by the department of permitting and inspections with technical support from the Burlington electric department. Renewable energy fund proceeds shall be made available as follows:(1) Half of the proceeds paid into the renewable energy fund by a large existing building applicant shall be available to the payor for projects to reduce greenhouse gas emissions at any site owned by the payor in the City of Burlington. The large existing building applicant must request these proceeds within one (1) year following payment of their carbon pollution impact fee; the applicant shall demonstrate to the satisfaction of the department of permitting and inspections that the proceeds will be used to meaningfully reduce greenhouse gas emissions; the proceeds may not be used to subsidize the cost of thermal energy sytems requlated by this article, and any proceeds not requested within that year shall be made available under subsection (d)(2) of this section.