Last Updated on April 3, 2023 by Anne Brock
Uncle Sam Offers Even Bigger Rural Energy Incentive:
Great news for any small business in a small town or rural area considering energy-saving steps in 2023! Uncle Sam just made an already generous grant program even sweeter. As of a new announcement in the Federal Register, future solar projects applied for April 1, 2023 or later that qualify for the Rural Energy for America Program under the United States Department of Agriculture can now receive up to half of the program cost in grant funding.
This 50% REAP funding is the latest step in federal efforts to boost economic development by helping small, rural businesses. Although the program is through the USDA, you do not have to be an agricultural producer to qualify for it. You could be a dentist, account, florist or anyone who meets the criteria for being a small business owner. This grant has increased from being a 40% grant for business owners who got involved in the year’s first round of applications ending March 31. Future rounds of applications, now with deadlines at more frequent times during 2023, are expected to see even stiffer competition.
This grant offering through the USDA is in addition to the federal 30% Investment Tax Credit for solar that is already offered for business owners. As always, consult your account to confirm specifics of how the various grants and tax breaks can work for you. These generous incentives are creating unprecedented ways for small businesses to see a quicker payback while investing in renewable energy that can save them big on utility bills in the long run.
The next rounds of applications for USDA REAP grants up to 50% of solar projects are:
Also helping make energy projects possible is Pathway Lending, which is a nonprofit offering a low-interest loan to small businesses. This can help ease the burden of paying for a solar project up front, before the small business receives its grant or before it can file for its tax reduction.
Solar Alliance has helped past clients earn millions of dollars in grants and incentives with solar. We provide grant services as well as solar design, engineering and installation. Contact us here to learn more about how the USDA REAP grant could help you.
Curious if your business is in a qualifying location? Here is the USDA page where you can check your own address.