Many of you are anxiously awaiting the upcoming announcement for the Rural Energy for America Program (REAP). This program is somewhat unique in that it is tailored for for-profit organizations AND it will pay for equipment such as solar systems. For those of you still considering whether or not to apply for the grant, there are a couple important things you should know.
1) This program is highly competitive. The longer you wait to apply, the more significantly your odds of success drop.
2) Just because the request for applications hasn’t been released doesn’t mean that you can’t get started now (by “now” I mean when you’ve finished reading this blog).
3) You really need to understand how the funding is divvied up to best position your project. There are basically four “buckets” of funds:
- Standalone grants for projects requesting less than $20,000
- Standalone grants for projects requesting between $20,000 and $50,000
- Grant and Loan Guarantee Combinations
- Standalone Loan Guarantees
If you are planning to request a standalone grant for more than $50,000, let me save you some time: That probably won’t work, you will need a Loan Guarantee also.
As with all grants, there are “rules” and there are “preferences.” The “rules” are what everyone knows, while the “preferences” are only known by those who have experience and ask questions. For the REAP program there is a heavy preference for standalone grants under $20,000 and standalone loan guarantees.
Want to talk to someone? Pick up the phone and call me; I’d be happy to talk to you. While you’re picking up the phone, read my other blog on the REAP here.
- Geoff Chinnock's blog
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