Tuesday, Feb 19 2013 3:55PM
The USDA will provide funding to improve the efficiency of utilities service providers in 12 states.
The U.S. Department of Agriculture (USDA) announced it will provide funds to improve generation and transmission facilities and implement smart grid technologies in twelve states.
The program will provide $330 million in loan guarantees to participants to help improve efficiency and reduce costs for consumers and businesses. Electric utilities providers can use the funds to upgrade, repair, maintain or replace their existing infrastructure. More than $8 million alone will be devoted to improving smart grid technologies in several states to lower utility bills and serve as a form of affordable housing assistance to rural residents.
"In his State of the Union Address last week, President Obama said that in America we have 'an aging infrastructure badly in need of repair' and these investments help to address our country's infrastructure challenges," said USDA Rural Utilities Acting Administrator John Padalino, speaking on behalf of Agriculture Secretary Tom Vilsack. "Upgrading rural infrastructure sets the stage for economic development, because access to reliable, affordable electricity is essential to rural job creation."
Utilities providers in several states, including Colorado and Alaska, were chosen to participate in the financing program. Alaskan residents currently pay the highest utilities rates in the country.
For more information, check out this resource: The U.S. Department of Agriculture