Wednesday, Nov 16 2011 5:36PM
The funding will go toward wind, solar, geothermal and hydroelectric power projects, Rural Development Deputy Under Secretary Doug O'Brien said at the Rural Young Entrepreneur Summit.
U.S. Department of Agriculture Secretary Tom Vilsack recently announced the agency will be using loans and grants under the Rural Energy for America Program (REAP) to support small businesses in a number of states by helping them reduce energy costs.
This step should simultaneously encourage business development and job creation while promoting
green infrastructure development.
The funding will go toward wind, solar, geothermal and hydroelectric power projects, Rural Development Deputy Under Secretary Doug O'Brien said at the Rural Young Entrepreneur Summit.
"When energy costs are reduced, American rural businesses become more competitive, allowing them to expand and create jobs," O'Brien stated.
Among the projects being supported are a wind power project in Alaska, to receive a $50,000 grant and Colorado geothermal project granted $300,000.
Also, Oregon is the site of both a solar electric facility and a hydroelectric project, which will receive $123,413 and $7.2 million, respectively. The latter is by far one of the larger projects in terms of funding.
A Utah hydroelectric facility has also been granted $500,000.
REAP requires projects to meet certain conditions in order to receive loan or grant funding, but may support up to 25 percent of the cost of qualifying projects. These generally fall under two categories - either renewable energy systems or energy efficiency improvements.
For further reference, check out this source:
U.S. Department of Agriculture