ABOUT REAP
The Rural Energy for America Program
(REAP) is a USDA program that provides grants and loans to help rural small businesses and agricultural producers install renewable energy systems and energy efficiency improvements (EEI).
The program is funded by President Biden’s Inflation Reduction Act (IRA) and the applications need to be submitted by September 30th, 2024.
Who is Eligible?
REAP acts as a catalyst for adopting clean energy in rural areas by agricultural producers and small businesses. It also offers grants and loan guarantees for renewable energy systems.
Agricultural Producers: Florida farmers and ranchers must have at least 50% of their gross income derived from agricultural operations. Florida’s diverse agricultural sector, including citrus, vegetables, and livestock, can benefit significantly from REAP-funded projects.
Rural Small Businesses: Must be located in eligible rural areas of Florida with populations of 50,000 or fewer and meet the SBA definition of a small business. Applicants must show financial stability, own their business, and follow federal rules to qualify.
How Does REAP Work?
The Program provides financial assistance to agricultural producers and rural small businesses for the installation of renewable energy systems and energy efficiency improvements in the form of:
Grants: Financial assistance covering up to 50% of the total project costs for renewable energy systems or energy efficiency improvements.
Guaranteed Loans: Loans provided through lenders, backed by a federal guarantee, covering up to 75% of the total project costs.
Combination of Grants and Loans: Applicants can apply for both a grant and a guaranteed loan to cover a significant portion of the project costs.
Why REAP?
Environmental Sustainability: The Program is a significant step towards environmental responsibility for small businesses and farmers in rural areas nationwide.
Financial Support: It provides them with financial support to install renewable energy systems like solar panels and improve the energy efficiency of their buildings.
Saves Energy Bills: It saves money on energy bills and is crucial in protecting the environment by utilizing clean energy sources like the sun and wind.
Supports Local Communities: REAP also creates jobs and supports local communities by improving how we use energy in rural areas. It’s
like boosting farms and small businesses so they can save money and help take care of the Earth simultaneously.
How to Apply for this Program?
For more details on the grants and financing available, fill in the form.
At Tampa Bay Solar, we are a local veteran-owned installer, offering tailored solutions to meet each project’s needs, providing expertise in solar technology and local regulations throughout the installation process.
Our team will help you through the application, ensuring compliance with environmental standards and increasing chances of securing funding for energy projects.