Biden administration announces $11 billion clean energy investment

NAFB News Service

The Biden Administration 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.

U.S. Agriculture Secretary Tom Vilsack said that through the effort, the administration is “supporting thousands of new jobs and helping lower energy costs in the future.”

Funding is available through two programs under the Inflation Reduction Act. 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.

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