At ECEDC, one of our main roles is to assist businesses by connecting them with various programs that could help them reach their goals and further strengthen our regional economy. Learn more about this updated program below and about our services in the Our Work page on our website.
The U.S. Department of Agriculture has announced that the department is expanding the Rural Energy for America Program for eligible companies, projects, and communities. The goal of the program is to expand renewable energy and support energy efficiency projects for people living in rural American. This program was able to be expanded due to the legislative package known as the Inflation Reduction Act which is the largest federal investment in clean energy.
The reinvestment and expansion of this program comes with a few different changes. The USDA has increased the maximum Federal grant share from 25% to 40% of total project cost. They have increased the maximum grant amounts from $250,000 to $500,000 for energy efficiency projects and an increase from $500,000 to $1,000,000 for renewable energy systems.
Agricultural producers and rural small businesses are eligible for loan guarantees and grants to develop renewable energy systems and to make energy efficiency improvements. This program will also be available for state and local governments, federally-recognized tribes, land-grant colleges or universities or other institutions of high education, rural electric cooperatives, public power entities, and Resource Conservation & Development Councils for grants to conduct energy audits and provide development assistance.
Check out the Fact Sheet to learn more.
If you are interested in exploring this program further use the button below to connect with our office.