The Federal government is getting serious about the transition to a “green” economy, so much so that they’ve set aside a jaw-dropping amount of grants. Don’t worry, Minnesota is pushing hard to get some of that sweet, sweet cash.
Here’s Five Fast Facts Green Energy Money:
- 💰Money for All - The funding, available on a national scale, is coming from the Infrastructure Investment and Jobs Act (IIJA) and the Inflation Reduction Act (IRA). The MN state Department of Commerce is making a run at it, with a special team devoted to getting as much money as it can to everyone it can.
- 🍃 Going Green-er - The IIJA has been active for two years. It gives roughly $50-$100B in nationally available grants for the energy sector. Local and national utilities can use it to go green-er.
- 🍏 Billions - The IRA is offering $620B (!!!) in grants and loans that can be used for wind, solar, energy storage, and other low- or non-carbon energy sources. They can be used over the course of 10 years.
- 🍀 Gone Green-er-er - The grants will support initiatives including infrastructure expansion, the development of clean alternative fuels and even emission-sequestering practices developed by farmers. That’s right, farmers can get some grant money!
- 🌿 Not Just Business - While they are being referred to as tax credits, that’s not exactly the case. Entities that don’t pay taxes like nonprofits, local governments, NGOs, or a tribe are also eligible. For example, if a tribe wants to, they can start a solar farm. Also, if a non-profit wants to start a citywide composting program, they get the green light (pun intended). That’s a huge win for smaller entities that want to make some changes.
🔥Bottom line: They want us to go green so badly that they’re paying us to do it. That’s not a bad deal. Especially when farmers, nonprofits, and tribes can get in on it and maybe even create a source of revenue to further their efforts! Sounds like a win-win situation.
What do you think of the funding?
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