How to Use the REAP Grant to Offset the Cost of Going Solar
Commercial solar is becoming more and more popular as business owners look for ways to reduce their energy costs and maintain energy price stability. But what many people don’t know is that there are government grants, tax credits, and other incentives available to help offset some of the cost of going solar. The REAP grant, or Renewable Energy System Grant and Loan Guarantee Program, was created to help businesses in rural areas make the switch to renewable energy.
This is a huge incentive for property owners because in addition to reducing energy costs and offsetting carbon emissions, renewable energy and solar installations can also increase the value of commercial properties. Property owners who install solar panels can expect to see a return on their investment within 5-10 years.
In this blog post, we will teach you all about the REAP grant and how you can use it to take your business solar!
What is the REAP grant?
The REAP grant was created in 2008 as part of the Renewable Energy for America Program 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.
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 30%, with a maximum award of $1 million. This makes the REAP grant an essential part of making commercial solar projects feasible. To date, the program has awarded over $700 million in grants and loans.
Who is eligible?
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.
How to apply
The REAP Grant is a federal grant program that provides funding for renewable energy projects. The program was created in 2009 to help businesses and farmers offset the cost of installing renewable energy systems. To apply for the REAP Grant, businesses and farmers must first complete an application. The application must include information about the proposed renewable energy project, including the estimated cost of the project and the expected benefits. Once the application is complete, it must be submitted to the REAP Grant program for review. If the application is approved, the business or farmer will receive a grant award that can be used to cover a portion of the cost of the project.
If you’re interested in REAP grant and think you might be eligible, Genie Solar can help. We’ll evaluate your eligibility and even complete the grant application for you.
Genie Solar Energy can help
As you are no doubt experiencing, conventional energy is subject to volatile price changes and continuing inflation. In contrast, renewable energy, particularly solar power, represents long term price stability and a hedge against energy budget uncertainty. There’s never been a better time to take advantage of the many benefits of solar power.
There are so many ways to approach your energy strategy. Genie Solar can be your guide. We are a team of sustainable energy professionals with a proven track record of success for our clients. Let’s get started today.