Federal Grant can Fund 25% of Solar Installation Costs
Solar energy is on the rise in the United States and with good reason.
Solar power is growing cheaper by the day and with many businesses looking for a way to decrease their daily spending, self-sourced solar power is one the most attractive options for cutting loose from big power companies.
One of SOCAs proudest partners, Chamber Energy Partners, is now offering significant grants and relief to those businesses looking to install solar panels on their business.
See if you qualify below!
Chamber Energy Partners Statement
The USDA Rural Development Rural Energy for America Program (REAP) provides grants and/or loan guarantees to support renewable energy system installations or energy efficiency improvements. The grant program can cover up to 25% of the eligible project costs while the loan guarantee can cover up to 75% of the eligible project costs. Grants can range from $1,500 to $500,000 with loan guarantees up to $25,000,000.
There are multiple financial incentives that can make a solar project more affordable than ever. For example, a $100,000 solar system immediately qualifies for a 26% Investment Tax Credit, dropping the total system cost to $74,000. If eligible, this same system could qualify for an additional $25,000 in federal grants. These combined benefits could mean reducing the total solar system cost from $100,000 to $49,000!
To qualify, you must be either a small business in areas with a population less than 50,000 or an agricultural producer(at least 50% of gross income coming from agricultural operations). A small business is defined by the following guidelines.
The next deadline for the USDA REAP program is March 31, 2022. Application materials can be found on the REAPsite under the To Apply tab. The Chamber Energy Program can assist with all aspects of your project, including assistance in completing the REAP funding paperwork.Applications are subject to meeting qualifying criteria as determined by the USDA.
If you are interested in learning more,please contact Claire Wilson, Energy Management Engineer, at claire@viridi.eco or (330) 800-9134.
Get Ahead with SOCA
One of the most exciting parts of being a member of a chamber alliance like SOCA is all the different opportunities we and our partners offer for small businesses.
If you are not yet protected under the SOCA umbrella, now is the time to join. We offer health and social benefits to our partners that cannot be beaten. Find out what your business is missing when you join SOCA today.