The U.S. Department of Agriculture recently announced that more than $6 billion will be awarded to rural communities to back renewable energy projects and lower greenhouse gas emissions — a plan that could have the potential to reduce electricity costs and create jobs in those regions.
The grants and loans are primarily allocated to build new wind, solar, and battery facilities, with some proposals also including hydropower and nuclear energy facilities. About $5.5 billion worth of grants exclusively for nonprofit, member-owned electric cooperatives in rural communities are supplemented through the USDA's Empowering Rural America (New ERA) program.
Nonprofit, member-owned electric cooperatives provide power to over 42 million Americans and 92% of poverty-stricken counties, benefitting citizens throughout the nation who may otherwise struggle to afford electricity.
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This new structure will also ensure that profits are reinvested in the company and returned to members rather than investors.
"These programs put the money exactly where it is most needed and most effectively used," Ted Compton, board president of La Plata Electric Association, a cooperative located in Southern Colorado, told Canary Media.
In addition, $565 million in partially forgivable loans will be awarded to companies that promise to bring affordable clean power to rural communities through the Powering Affordable Clean Energy (PACE) program.
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The PACE programs are part of the 2022 Inflation Reduction Act, which aims to help rural Americans gain access to clean, cheap, renewable energy. By investing in solar panels and EVs, consumers can save money and receive financial incentives directly from the government in the form of tax benefits that can easily exceed $20,000 if they know what to look for.
"If we're going to meet our climate goals and meet the rising demand for energy, we've got to build a lot of clean energy. And rural communities have to be partners in that," said Josh Ewing, director of the Rural Climate Partnership, a nonprofit that represents rural communities in climate policy initiatives.
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