U.S. Agriculture Secretary Tom Vilsack announced Wednesday that USDA is awarding $266 million in loans and grants to agriculture producers and rural small businesses to make investments in renewable energy and energy efficiency improvements.
Vilsack said the funding is made possible in part by the Inflation Reduction Act, part of which is focused on combatting the climate crisis. He said it is hoped the funds will help lower producers' energy costs, generate new income, and strengthen the resilience of their operations.
"Creating opportunity for rural communities means investing in farmers, ranchers, and small businesses," Vilsack said. "A key pillar of President Biden's agenda is ensuring our producers and business owners are not only a part of the clean energy economy but are directly benefitting from it. These once-in-a-generation investments in renewable energy, like wind and solar, and energy efficient technologies create new markets and deliver real cost savings for our small and mid-sized agricultural operations and Main Street businesses, building and keeping wealth in rural America."
USDA is investing $266 million in 1,334 renewable energy and energy-efficiency projects in 47 states, Guam and Puerto Rico. The Department is awarding the loans and grants through the Rural Energy for America Program including funding from the Inflation Reduction Act.
Since December 2022, USDA has made up to $1.3 billion available in REAP funding through the Inflation Reduction Act. Eligible applicants include rural small business owners and agricultural producers. The program is part of the Justice40 Initiative, which is working to ensure that 40 percent of the benefits of certain federal investments reach communities that are marginalized, underserved and overburdened by pollution and underinvestment.
USDA is making awards in 47 states, including Colorado, as well as Guam and Puerto Rico. The Department expects to make additional awards in the coming months.
USDA continues to accept applications and will hold funding competitions quarterly through Sept. 30, 2024. The funding includes $144.5 million for underutilized renewable energy technologies. For additional information on application deadlines and submission details, see page 19239 of the March 31 Federal Register.
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