THE REAP GRANT
Renewable Energy for America Program (REAP)
Another lucrative commercial solar incentive to reduce your solar system cost is the REAP grant. If you’re a agricultural producer or rural small business, this grant is a great opportunity for you. There is a formal process to apply, but thankfully, the best commercial solar installers (like Genie Solar) can help you through the process.
What is the REAP grant?
The REAP grant was created in 2008 as part of the Renewable Energy for America Program with the goal of promoting renewable energy and energy efficiency. The REAP grant provides financial assistance to farmers, ranchers, and small businesses who want to invest in renewable energy projects. Projects eligible for funding include solar, wind, biomass, and geothermal systems. To date, the program has awarded over $700 million in grants and loans.
How much money can be awarded by the REAP Grant?
The amount of the grant depends on the size of the project, but it can reduce the cost by up to 40%, with a maximum award of $1 million. This makes the REAP grant an essential part of making commercial solar projects feasible. In addition to the monetary benefits, the REAP grant also helps to promote renewable energy and its many benefits. By investing in commercial solar projects, not only will companies be able to drastically decrease their energy expenses, but we can help to reduce our reliance on fossil fuels and make a positive impact on the environment.
Who is eligible for the REAP Grant?
The REAP Grant is available to businesses, agricultural producers, and non-profit organizations who install commercial solar systems. To be eligible, businesses must have less than $20 million in annual revenue and be located in a rural area. Agricultural producers must have less than $1 million in annual revenue. Non-profit organizations must have a 501(c)(3) designation from the IRS. If you meet these requirements, you may be eligible for a REAP Grant. Talk to the team at Genie Solar, we can review the eligibility requirements and even submit the application on your behalf.