Solar Grant Funding – Program Basics & Eligibility
|
| The USDA Rural Energy for America Program (REAP) was created to help agricultural producers and rural small businesses develop sustainable energy sources. |
|
Who is Eligible?
|
Agricultural producers and rural small businesses:
- Farms
- Dairies
- Wineries
- Most Rural Businesses
To find out if your business is located in a designated rural area,
click here.
|
|
|
What Programs Are Available?
|
Grant Only
The USDA will give you 25% of your project cost in the form of a grant.
Grant/Guaranteed Loan Combo
The 25% grant is combined with a guaranteed loan for an additional 50% of the project cost. 75% of your total project cost can be facilitated by the USDA. |
|
What is a Guaranteed Loan?
|
| The USDA guarantees 80% of the loan value to the bank. It’s like putting a down payment on a house for 80% of the cost. Banks that were not willing to loan money for solar energy projects before are now willing to give the loan because their risk is nearly eliminated. |
|
What Does All of This Mean?
|
It means that you do not have to have $80,000.00 cash in a bank account to build a solar system. You can get most of the funds through the USDA and move forward with your project.
For more information on the REAP program, click on this link.
|
