The Agriculture Department of the U.S. announced $11 billion for promoting clean energy to rural communities in the country. Many companies like rural cooperatives, electric utilities, and renewable energy companies will be able to get these funds by applying to the program. This initiative is one of the largest investments made by the Federal Government in rural areas since the Rural Electrification Act of 1936.
The empowering rural program of America will provide $9.7 billion to rural electric cooperatives, enabling them to develop renewable energy systems with zero-emission technologies and carbon capture solutions.
On the other hand, a powerful and affordable Clean Energy program offers $1 billion in partially forgivable loans for supporting renewable energy projects on a large scale, such as wind, solar and geothermal installations by renewable energy companies and electric utilities.
Inflation Reduction Act fund these programs as they are known for generating substantial funds for renewable and clean energy transition and clean environment.
Beiden administration cooperates to provide this investment and allocates billions of dollars for the renewable energy transition. Experts believe that these type of initiatives creates a significant impact on rural America for cleaner and more sustainable energy resources. However, their impact on electricity growth is comparatively less than the Electrification Act of the 1930s.