Agriculture

Schemes to install renewable energy system for agricultural producers

USDA grants loan to help finance the cost of renewable energy systems and energy efficiency improvements.
Schemes to install renewable energy system for agricultural producers

To improve and help entrepreneur in making agriculture production more smooth the government and non government organisation came up with schemes and plans that can ease the effort.

Likewise U.S. Department of Agriculture (USDA) Rural Development recently announced rural agricultural producers and small business owners can now apply for resources to purchase and install renewable energy systems or make energy efficiency improvements. These efforts help to save money on energy bills, reduce America’s dependence on foreign oil, support a clean energy economy, and cut carbon pollution.

USDA is now accepting Rural Energy for America Program (REAP) applications for loan guarantees to help finance the cost of renewable energy systems and energy efficiency improvements.

Eligible agricultural producers and rural small businesses may use REAP funds to purchase and install renewable energy systems that incorporate commercially available technology. This includes renewable energy from wind, solar, small hydropower, hydrogen, geothermal and renewable biomass (including anaerobic digesters). Eligible energy efficiency improvement projects include lighting, heating, cooling, ventilation, fans, automated controls, manufacturing equipment and insulation upgrades that reduce energy consumption.

Through the REAP loan guarantees, USDA Rural Development may guarantee up to 85 percent of a commercial loan. Rates and terms are negotiated with the lender, and subject to USDA approval. Loan assistance may cover up to 75 percent of eligible project costs. Maximum loan amount is $25 million. Lender benefits include mitigating risk, expanding portfolio, and secondary market sales. 

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