WASHINGTON, May 16 (Reuters) - Rural electric cooperatives, utilities, and other energy providers will soon be able to apply for nearly $11 billion in grants and loans for clean energy projects, funded by the $430 billion Inflation Reduction Act signed into law last August, the Biden administration said on Tuesday.
Expanding clean energy to rural communities is critical to meeting the administration's goal of net-zero emissions by 2050, officials told reporters on a Monday press call.
Rural electric cooperatives will be eligible to apply beginning July 31 for $9.7 billion in grants for deploying renewable energy, zero-emission, and carbon capture systems, the Department of Agriculture (USDA) said.
Rural electric cooperatives serve 42 million people and draw about 22% of their energy from renewable sources, according to the National Rural Electric Cooperative Association (NRECA).
The new funds will help rural electric cooperatives reach parity with private utility companies who have already begun significant investment in clean energy, Vilsack told reporters.