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$10.7 Billion in Electric Sector Funding Announced – BEL Commits to Provide Support

Background on USDA PACE and New Era Program

On May 16, the Department of Agriculture’s Rural Utilities Service (RUS) announced nearly $10.7 billion in federal funding for rural electric cooperatives, the largest federal investment in rural electric infrastructure since electrification 1936.

BEL President Keith Dennis believes this funding will be central to advancing the goals of beneficial electrification.

“As agencies roll out their infrastructure programs, BEL has focused on providing utility partners actionable analysis and practical next steps. Thanks to generous supporters, we are committing significant resources to ensuring broad, equitable access to this funding for any utility seeking to invest in their systems,” said Keith Dennis.

“Investments in the grid are investments in rural communities and improved quality of life; we are honored to be in a position to partner with the electric sector to implement this program.”

USDA Rural Utilities Service Program Overview

The USDA’s Rural Utilities Service has a total of $10.7B in funding available under the IRA:

Don't have time to read the New Era Notice of Funding Opportunity? Read our New Era NOFO summary memo here.

  • Powering Affordable Clean Energy (PACE) provides $1 billion in RUS loans for developing renewable energy infrastructure (Section 22001). The funding is available to renewable-energy developers and electric service providers, including municipals, cooperatives, and investor-owned and Tribal utilities to help finance large-scale solar, wind, geothermal, biomass, hydropower projects and energy storage in support of renewable energy systems. The PACE Notice of Funding Opportunity is available here!

Don't have time to read the PACE Notice of Funding Opportunity? Read our PACE NOFO summary memo here

The PACE and New ERA application window has official closed. BEL is grateful that we had the opportunity to have helped support the USDA and its applicants through the Letter of Intent phase. We have already learned of applicants moving to the next phase and we plan to continue to support applicants through the duration.

If you are part of an electric cooperative, municipal utility, or tribal energy stakeholder who may apply for USDA funding, please email or signup here to become part of our cohort receiving updates on the program and available resources.