The USDA Rural Development Rural Energy for America Program (REAP) provides grants and/or loan guarantees to support renewable energy system installations or energy efficiency improvements. The grant program can cover up to 25% of the eligible project costs while the loan guarantee can cover up to 75% of the eligible project costs. Grants can range from $1,500 to $500,000 with loan guarantees up to $25,000,000.
There are multiple financial incentives that can make a solar project more affordable than ever. For example, a $100,000 solar system immediately qualifies for a 26% Investment Tax Credit, dropping the total system cost to $74,000. If eligible, this same system could qualify for an additional $25,000 in federal grants. These combined benefits could mean reducing the total solar system cost from $100,000 to $49,000!
To qualify, you must be either a small business in areas with a population less than 50,000 or an agricultural producer (at least 50% of gross income coming from agricultural operations). A “small” business is defined by the following guidelines at this link www.sba.gov.
The next deadline for the USDA REAP program is March 31, 2022. Application materials can be found on the REAP site under the “To Apply’ tab. The Chamber Energy Program can assist with all aspects of your project, including assistance in completing the REAP funding paperwork. Applications are subject to meeting qualifying criteria as determined by the USDA.
If you are interested in learning more, please contact Claire Wilson, Energy Management Engineer, at email@example.com or (330) 800-9134.
Chamber Energy Program
Community Energy Advisors | 3725 Medina Rd., Ste. 112, Medina, OH 44256
O 330.208.2082 | F 330.721.8111 | chamberenergyprogram.com