USDA is accepting grants, guaranteed loan, and combined grant and guaranteed loan applications for Rural Energy for America Program for FY 2023.
REAP program helps applicants reduce energy costs and consumption and helps meet the Nation’s critical energy needs.
USDA Rural Development is in a unique position to make climate-smart investments in rural infrastructure. The Inflation Reduction Act represents the largest ever federal investment in clean energy for the future. This historic funding will strengthen our energy security, create good-paying jobs, and save Americans money on their energy costs.
Under the Inflation Reduction Act portion of the available funding, there are two significant changes including an increase in the maximum Federal grant share from 25% to 40% of total project cost and an increase of 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. Projects in underserved areas are prioritized for funding under this notice.
Matching funds are required for at least 25% of the total project cost.
Agricultural producers and rural small businesses for Renewable Energy Systems (RES)/ Energy Efficiency Improvements (EEI) projects and agriculture producers for Energy Efficient Equipment and Systems (EEE) Projects.
AVAILABLE FUNDING AND APPLICATION WINDOW:
$300 million available under the Rural Energy for America Program (REAP) to expand renewable energy and support energy-efficiency projects for people living in rural America. This funding includes $250 million provided by the Inflation Reduction Act.
For RES/EEI/ Energy Efficient Equipment and Systems (EEE) loan guarantees or the loan guarantee portion of a combined RES/EEI funding request, the minimum REAP guaranteed loan amount is $5,000 and the maximum amount of a guaranteed loan to be provided to a borrower is $25 million.RES/EEI.
Grant funds Applications are due by March 31, 2023
RES/EEI and Energy Efficient Equipment and Systems (EEE) guaranteed loan applications are competed on an ongoing basis.