New Grants and Tax Incentives to Take Advantage of for Rural Farms and Businesses in North Dakota

Businesses in rural and agricultural communities can reduce their energy bills by leveraging renewable energy sources by applying for the REAP (Rural Energy for America Program) grant. Several exciting changes have recently been announced by the US Department of Agriculture (USDA). Taking effect in March 2023, these changes will make renewable energy more accessible than ever, enhancing rural America’s sustainability and resilience.

Increasing from 25% before the Inflation Reduction Act, grants now cover up to 50% of project costs.

A loan guarantee can cover up to 75% of the total cost of an eligible project

Total eligible project costs can be covered by up to 75% when combined

Taking advantage of grants and loan guarantees makes it easier than ever to fund commercial solar projects. The amount of grant funding that covers project costs is now up to 50%, while loan guarantees increase it to a staggering 75%. With these two financing sources combined, your commercial solar project can be financed for up to three-quarters of its total cost.

Minimum Grant Request: $2,500

Maximum Grant Request: $1 million

Minimum Loan Guarantee: $5,000

Maximum Loan Guarantee: $25 million

Producers of agricultural products and small businesses located in towns with less than 50,000 people can take advantage of the REAP program

Farmers, ranchers, and rural small businesses in North Dakota can invest in Renewable energy systems such as solar panels, wind turbines, and other renewable energy systems can be offset by the REAP grant program.

The REAP grant program is available to farmers and rural small businesses that meet certain income requirements and are located in rural areas.

Furthermore, the project must be located on the applicant’s property and used primarily for agricultural or business purposes.

Renewable energy systems and energy efficiency improvements can be offset by the REAP grant program through grants and loan guarantees. Energy efficiency improvements, such as lighting and HVAC upgrades, are eligible for funding. Renewable energy systems, such as solar, wind, and geothermal, are also eligible.

For farmers, ranchers, and rural small businesses in North Dakota interested in investing in renewable energy and energy efficiency, the REAP grant program is a valuable resource. In this way, the program can lower the cost of these projects and make them more affordable and accessible for the public. North Dakota farmers, ranchers, and small business owners interested in renewable energy can reach out to one of our Solar experts to provide a detailed proposal with all tax incentives and grants available!

Take advantage of the REAP grant program before March 31st 2023 if you’re looking to switch to commercial solar energy. Commercial entities can benefit from this program by reducing their energy costs by offsetting some of the up-front costs associated with switching to renewable energy sources. Having trouble getting started? We can help you understand your eligibility and even process your application for you. Take action now by contacting Wind and Solar World today.