It’s harvest time, and for the farmer, working days are just getting longer. Days are long, work is hard, time is of the essence. While time is super important for harvesting right now, it’s equally as important for applying for the 50% USDA REAP Grant. The next deadline to apply for the REAP Grant is December 31, 2023.
While the REAP Grant has been around for a while, and the percentage has increased recently, it will not remain at 50% much longer. Right now farmers and rural small business owners can apply, and if selected, get 50% of solar or renewable energy project costs back. This is amazing because:
1) solar power saves money each day
2) you can double down on money saved by getting reimbursed with the grant.
For every dollar that’s spent on solar, you earn 30% dollar for dollar in federal tax credit. Here’s a real world example:
$100,000 solar array system
-$50,000 reimbursed from REAP Grant
-$30,000 Federal tax credit (can roll forward to 22 years)
-$27,200 Depreciation (based on 30% combined federal and state tax rate)
=+7200 in write offs carried forward before EVER even turning on the system
From working with farmers and being farmers ourselves, we know that most farms over 6-10 years of age are looking for depreciation to have as write offs for their successful operation. A solar system is depreciable farm equipment, and you never have to change the oil or put air in the tires as you do for other equipment!
It’s harvest season. It’s the holiday season. We are seven weeks from Christmas and eight weeks away from the next 50% REAP Grant deadline. We would love to work for you and with you to HELP increase your bottom line. Save money with solar so that you can continue to grow more.
