By Val Ankeny
In October, the Rural Energy for America Program (REAP) was provided $600 million to help rural small business owners and agricultural producers decrease their energy costs through energy efficiency measures or the purchase of energy-efficient equipment.
REAP, which is administered by the U.S. Department of Agriculture (USDA), has been popular since its creation in 2003. In 2024, the program received additional funding and support through the Inflation Reduction Act (IRA). Grants are now available for up to 50% of eligible project costs, and guaranteed loans are available for 75% of the project cost.
Saving money on energy expenses can be a windfall for rural small businesses and agricultural producers. REAP can assist by providing guaranteed loan financing and grant funding for solar arrays, geothermal systems, and wind turbines, or for making energy-efficient upgrades to irrigation motors and grain dryers, windows, doors, refrigeration units, and lighting.