What is the Rural Energy for America Program?
The USDA’s 2023 Rural Energy for America Program (REAP) provides reimbursement grant funding to eligible small business owners and farms of varying sizes to cover the cost of energy efficiency improvements or renewable energy systems.
With the Inflation Reduction Act, the REAP Grants funding cap has increased from 25% to 40% of the total project cost, with a maximum grant allowance of $1,000,000. There is also 3-4 times the amount of grant funding available compared to 2022.
Who’s eligible for a REAP grant?
Both Rural Small Businesses (breweries, car dealerships, hotels, warehouses, coffee shops, retail stores, etc.) and Farms are eligible for REAP, as defined below. If applying as a farm, there are no size or geographical restrictions.
- Look up your business’s NAICS industry code here, and then
- Look on this table to see if your business falls under the size cap for that industry.
What projects are eligible?
- Solar panels
- Equipment upgrades
- Labor
- Engineering, etc.
Projects that share a meter with a residence must prove their business usage exceeds residential usage, and then subtract the percentage of residential usage from eligible project costs. The REAP grant is taxable income for the applicant business.
How to Apply
The applicant must apply before construction or major payments begin. The 2023 deadline for applications with greater than $20,000 grant requests is March 31st, 2023.
Contact Yes Solar to Learn More
Yes Solar Solutions has been the leading local solar company for 13 years, founded and owned by Stew and Kathy Miller. With over 1,000 projects installed, and as the only NABCEP accredited solar company in North Carolina, Yes has earned a reputation for integrity, quality, and responsiveness.
Yes Solar is also a certified installer of the Tesla Powerwall home battery backup system, and certified to install EV charging systems for Tesla, ChargePoint, and other solutions.
Take a look at some of our rave reviews here, and contact us for a free, no-obligation Solar Consultation. Call us at (919) 925-4707 today, and let’s start working together on getting you to a place of energy independence!