Q:

What is renewable energy funding?

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Quick Answer

The U.S. Energy Department provides renewable energy funding to encourage businesses and local governments to use renewable methods to generate electricity. Renewable sources of energy include wind, solar and hydropower.

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Full Answer

The Energy Department provides renewable energy funding for energy projects, allowing state and local governments, as well as private sector partners, to use renewable technologies to generate electricity. Energy businesses are also eligible for renewable energy funding from the Energy Department and other U.S. government agencies.

Renewable energy funding can help startup energy businesses launch pilot energy generation projects. Energy Department funding is also available for companies that need help to scale up a proven technology to commercial scale.

Renewable energy funding comes in various forms, including non-repayable grants and loans with favorable terms. Businesses and local government organizations can find more information about renewable energy funding at Energy.gov.

In February 2015, the U.S. Department of Agriculture announced new funding for renewable energy projects. The program is called the Rural Energy for American Program, and under it, farmers, ranchers and rural small business owners can apply for funding to help them set up renewable energy systems. Grants can fund up to 25 percent of project costs, with loan guarantees for up to 75 percent.

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