Federal funding available to agricultural and rural businesses for energy upgrades
Agricultural producers and small rural businesses in Maine can apply for funding from the federal government for energy efficiency improvements or new renewable energy systems.
U.S. Department of Agriculture Rural Development announced Tuesday that it is now accepting applications for funding through the Rural Energy for America Program, which guarantees loan funds.
"This collaboration can help our businesses significantly reduce operating costs, decrease Maine’s independence on foreign oil and ultimately demonstrate their positive environmental values to their customers and community," USDA Rural Development State Director Virginia Manuel said in a statement.
Projects eligible for loan funding include renewable energy systems and energy efficiency improvements, such as efficient lighting conversions, motor upgrades, building envelope improvements and heating, ventilating and air conditioning upgrades.
The program works by a lender requesting the USDA Rural Development loan guarantee. Guaranteed loans are available for up to 75% of the total eligible project cost, and loan amounts can range from $5,000 to $25 million.
USDA Rural Development has approximately $200 million available through the REAP guaranteed loan program for fiscal year 2016.
Interested rural Maine businesses, agricultural producers and lenders can contact Brian Wilson at 207-990-9168 or brian.wilson@me.usda.gov or visit the program's website.
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