The U.S. government, through various pieces of legislation and several programs, is incentivizing both homeowners and business owners to use renewable energy. We’ve seen a range of tax credits and other financial incentives rolled out recently, and people across the country are not hesitating to take advantage. One incentivized program in particular is the Rural Energy for America Program, called REAP. In this article, our team of solar panel installers will explain REAP, including who qualifies and how to apply.
What is the REAP Program?
The REAP is a government program that provides guaranteed grant funding of up to 40% of the value of the project and loan financing for up to 75% of the project value to small, rural businesses and agricultural producers for renewable energy systems, or to make energy efficiency improvements. According to REAP, agricultural producers may also apply for new energy efficient equipment, and for new system loans for agricultural production and processing.
Who Qualifies for REAP?
Rural small businesses, meaning businesses located in areas with a population of 50,000 residents or fewer, and agricultural producers in both rural and non-rural areas qualify for the funding available through REAP. All applicants must prove they are citizens of the United States, or can prove they are residing legally in the country. Borrowers must prove that the loan funds will stay in the United States.
How to Apply for REAP
To apply for the REAP, visit the United States Department of Agriculture’s website and select your state from the drop-down menu. Once you’ve chosen your state, the appropriate form and accompanying instructions will follow. This website also contains important information about deadlines.
How Green House Solar Can Help You with REAP
At Green House Solar, we work closely with several REAP specialists and can help you complete the necessary paperwork for the REAP program in New Jersey. The March 2023 deadline is quickly approaching, so we recommend you submit your application as soon as possible. Don’t miss out on this excellent chance to invest in a renewable energy system for your rural business in NJ.
For more information about the REAP, if you need assistance completing your application, or if you have any other renewable energy questions, please contact our team at Green House Solar today. You could also visit our website to learn more about harnessing solar energy for your home or small business: https://greenhouse.solar/