Biden administration announces $11 billion clean energy investment

by | May 18, 2023 | 5 Ag Stories, News

The Biden Administration on Tuesday announced the availability of nearly $11 billion in grants and loan opportunities to help rural energy and utility providers. The funding will help bring affordable, reliable, clean energy to communities across the country.

The announcement is the single largest investment in rural electrification since President Franklin D. Roosevelt signed the Rural Electrification Act into law in 1936 says Agriculture Secretary Tom Vilsack.

Vilsack says the clean energy investment is comprised of two programs.

The second program is strictly for rural electric cooperatives.

Specifically, the Department of Agriculture will open a Letter of Interest process for the Empowering Rural America program, making $9.7 billion available to eligible rural electric.

USDA will also open a Letter of Interest process for the Powering Affordable Clean Energy program, making $1 billion available in partially forgivable loans to renewable-energy developers and electric service providers.