Energy must be sold for resale to eligible off-takers which can include both utility and non-utility customers. Projects must be based on bankable power purchase agreements (PPAs) or through a financial guarantee that ensures the financial feasibility of the project.
Energy storage projects related to a renewable energy project are also eligible. You can use PACE funds to finance wind, solar, hydropower, geothermal, or biomass renewable energy projects. Your interest rate is determined by the RUS municipal rate in effect at the time of the advance. We will release funds for project-financed loans and debt forgiveness only after eligible projects are completed and verified. Progress payments during construction of the renewable energy project are available only for system-financed loans. The percentage of loan forgiveness depends on the type of community the proposed project will serve (as described above and in the NOFO). You can apply for a loan of up to $100 million.
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territories or in Compact of Free Association areas. Category 3: Provides up to 60 percent total loan forgiveness if the project:.Category 2: Provides up to 40 percent total loan forgiveness if the project is in or serves 50 percent or more of the population of a designated energy community, disadvantaged community, or distressed community.Category 1: Provides up to 20 percent total loan forgiveness for applicants if they meet the minimum set of standards set forth in the PACE program Notice of Funding Opportunity (NOFO), published in the Federal Register.The PACE program allocates funding across three applicant categories: The maximum available loan is $100 million including the forgivable portion. How much funding is available?Ĭongress has authorized $1 billion in PACE program funding. You can determine whether your proposed project is located in a disadvantaged or distressed community by entering the project address into the “Find address or place” search field on the map. The program supports designated energy communities, disadvantaged communities, distressed communities, and Tribal communities. Note: Individuals are not eligible to apply for the PACE program. Able to be completed within the allotted timeframe.Reliable and resilient (can recover quickly following an unexpected disruption).You must demonstrate that your proposed project is: However, eligible groups can collaborate to package their proposed projects into one joint letter of interest. We will only accept one application from each eligible entity.
Limited Liability Companies or other for-profit entities organized under the laws of any U.S.Alaska Native, regional, or village corporations.Corporations, states, and territories, along with their subdivisions and agencies.However, at least 50 percent of the population served by your proposed renewable energy project must live in communities with populations of 20,000 or fewer. The PACE program is available to eligible applicants that generate electricity for resale to residents in both rural and nonrural areas. PACE funding makes it more affordable for rural Americans to use clean, reliable energy to heat and cool their homes, run their businesses, and power their cars, schools, and hospitals. Under PACE, USDA Rural Development’s Rural Utilities Service (RUS) will forgive up to 60 percent of loans for renewable energy projects that use wind, solar, hydropower, geothermal, or biomass, as well as for renewable energy storage projects. With $1 billion in funding, PACE helps make clean, affordable, and reliable energy accessible to the people of rural America. The Powering Affordable Clean Energy (PACE) program is part of the Inflation Reduction Act, which represents the largest investment in rural electrification since President Franklin Delano Roosevelt signed the Rural Electrification Act into law in 1936. Review the Inflation Reduction Act Frequently Asked Question What does this program do?
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