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Genie Solar Secures $1 Million in REAP Grant Funding

Genie Solar Secures $1 Million in REAP Grant Funding

September 8, 2023 By In News No Comments

A Commercial Solar Success Story – Achieving $1 Million in REAP Grant Funding and 1-Year ROI

Independence Manor, a retirement community in New Jersey, achieved a significant milestone in their journey towards sustainable energy by partnering with Genie Solar Energy and securing $1 million in grant funding from the Rural Energy for America Program (REAP). Administered by the U.S. Department of Agriculture (USDA), the REAP Grant program aims to support rural businesses and agricultural producers in adopting renewable energy technologies. This collaboration with Genie Solar Energy and the generous REAP grant provided Independence Manor with the financial means to implement their 750 kW DC solar commercial project.

 

The Vision: A Sustainable Retirement Home

Independence Manor, dedicated to providing exceptional care and comfort for its residents, recognized the importance of reducing their environmental impact while also reducing operating costs. They aimed to embrace solar energy to not only power their facility but also to lead by example in their commitment to sustainability.

 

The Partnership with Genie Solar Energy

To bring their solar vision to reality, Independence Manor collaborated with Genie Solar Energy, a leading solar energy solutions provider. Genie Solar Energy’s expertise in designing and implementing large-scale solar projects ensured that the retirement home could maximize the benefits of renewable energy.

 

“We are incredibly proud of the work our grant writing team did in securing the $1 million REAP Grant Funding for Independence Manor. It reinforces our commitment to making clean energy accessible and shows how collaboration can bring sustainability dreams to life.” – Sara Schwandt, Managing Director, Genie Solar Energy

 

The REAP Grant Funding Triumph

One of the key turning points for Independence Manor was securing a substantial grant from the Rural Energy for America Program (REAP). The REAP program, established by the U.S. Department of Agriculture (USDA), aims to support rural businesses and agricultural producers in adopting renewable energy technologies. The $1 million grant significantly boosted their financial capability to implement the 750 kW DC solar project. The REAP grant aims to support rural businesses and agricultural producers in adopting renewable energy technologies, aligning perfectly with Independence Manor’s location and mission.

In addition to the REAP Grant Funding, Independence Manor capitalized on the Investment Tax Credit (ITC) and Tax Depreciation incentives. By combining these incentives, Independence Manor further strengthened their financial standing and accelerated their return on investment (ROI).

 

Impressive Project Metrics

The solar project boasted impressive statistics, with 684 solar panels generating an estimated 1,000,000 kWh of clean energy annually. This energy production alone offset a remarkable 108% of Independence Manor’s annual power usage, making them not only energy self-sufficient but also a net contributor to the grid.

 

Sustainability Impact

Independence Manor’s commitment to renewable energy translates into substantial environmental benefits. The solar system offsets 708 metric tons of CO2 each year, equivalent to removing 1.2 million miles driven by gas-powered cars from the roads or saving 80,000 gallons of gasoline used annually. This remarkable achievement showcases their dedication to reducing greenhouse gas emissions and combating climate change.

 

“Getting the system paid off in less than a year is beyond our expectations! This solar project is a game-changer for us. Not only does it help us achieve our energy and sustainability goals, but it also allows us to lead by example, showing that a green future is not just a dream, but a reality worth investing in.” – Gary Nagle, Owner, Independence Manor

 

Independence Manor’s success story in winning $1 million in REAP Grant Funding for their commercial solar project exemplifies the transformative potential of solar energy for businesses and communities alike. By partnering with Genie Solar Energy and leveraging incentives they set an example for others to follow. Their journey towards sustainability not only reflects their commitment to the environment but also exemplifies the economic advantages of renewable energy.

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Genie Energy Ltd., (NYSE: GNE, GNEPRA) is a global energy solutions company. We supply customers in the US and Europe with electricity, including electricity generated from renewable resources and with natural gas. Through Genie Solar Energy and Prism Solar, we design, construct and install commercial solar energy solutions. We provide commercial and industrial clients with energy brokerage and consultative services through our Diversegy brand.

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