We are thrilled to share groundbreaking news that marks a significant milestone in the realm of sustainable energy investment. 3T Farms (part of the Light Up Rural America Investment Offering) and Farmer’s Hardware, two forward-thinking projects dedicated to the revitalization of rural America, have been awarded the US Department of Agriculture (USDA) Rural Energy for America Program (REAP) grant.
This funding not only underscores their unwavering commitment to sustainable energy but also presents an investment opportunity that can benefit local communities. With substantial support from the USDA grant, these projects are now poised to minimize investment risks traditionally associated with homeowner-dependent initiatives. Furthermore, the Investment Tax Credit (ITC) covers approximately half of the remaining investment, making these projects a potential opportunity for investors. Learn more below about the details of these transformative projects, combining sustainable energy and investment opportunities for local communities.
About the REAP Program
The Rural Energy for America Program (REAP) originated with the passage of the Inflation Reduction Act, a transformative legislative milestone that has allocated over $2 billion for renewable energy systems and energy efficiency improvement grants. This initiative aims to support agricultural producers and rural small business owners in their pursuit of sustainable energy solutions.
An exciting development is the establishment of an Underutilized Technology Fund, receiving an initial infusion of $144.5 million to support renewable energy technologies that previously constituted less than 20% of the project pool. REAP operates as a competitive program, where projects across all states are assessed against one another, ensuring that innovative and impactful ideas are supported. You can learn more about the REAP program here to take advantage of these opportunities for your rural energy projects.
About the Projects
3T Farms (part of Light Up Rural America portfolio) and Farmer’s Hardware have received a 50% grant through the USDA’s REAP program. They have a signed “Request for Obligation of Funds”. Funds will be made available after showing 1 month of production data.
About Light Up Rural America
- 3T Farms is one of the projects of the “Light Up Rural America” portfolio that has been awarded the grant (equal to $155,028.5). This means the funds raised will be invested in the development and construction of this project and will be repaid by the grant once showing 1 month of production data (the developer vocalized they would select one of the 3 projects contingent upon USDA grant approval).
- The goal of the project is to reduce the energy cost to be operating the farm via clean energy, add a revenue stream from sale of electricity and have the ability to conduct business and maintain necessary equipment during local power outages.
About Farmer’s Hardware project:
- The project has been awarded a 50% grant (equal to $141,253). This means the funds raised will be invested in the development and construction of this project and will be repaid by the grant once showing 1 month of production data.
- Angela and John are the dedicated owners of Farmer’s Hardware in Somerville, TN, a beloved family-owned business since 1954. They’ve been a trusted source for quality hardware and home furnishings, but their vision extends beyond their store. They dream of a future powered by clean energy, a solar revolution that not only lowers costs but also ensures resilience in the face of local power outages, a common challenge for rural businesses. To turn this dream into reality, Angela and John have secured a significant boost through the grant from the USDA.
Financial Disclosure
Content is based entirely upon Ovanovas’s representations.
Prior results do not guarantee future success. It’s important to note that investing in renewable energy projects through crowdfunding carries financial risks and may not be suitable for everyone. As with any investment, there is a possibility that you may lose some or all of the money you invest. It’s important to note that this article should not be considered investment advice. The information provided is for informational purposes only and is not intended to be a recommendation or endorsement of any particular investment strategy. The information provided in this article is for informational purposes only and should not be considered financial or investment advice. It’s crucial to do your own research and consult with a financial advisor or professional before making any investment decisions, especially when it comes to investing in renewable energy projects through crowdfunding, which carries financial risks and may not be suitable for everyone.
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