The IRA contains many transformative provisions. Importantly, it makes the largest investment in clean energy in U.S. history, allowing communities that have previously been left out of the clean energy economy to access affordable, reliable, and clean energy. The IRA also marks the largest investment in rural electrification since the 1930s, providing unique opportunities to advance economic development and quality of life in rural communities. The Biden-Harris Administration has prioritized these initiatives, elevating the role of infrastructure and the needs of rural America in its policies and their implementation.
The goal of the PACE Program is to support clean, affordable energy growth across America. The PACE Program provides loans to eligible entities, with varying levels of loan forgiveness, for Projects that generate and/or store electricity from RER.
Letters of Interest (LOI) Submissions.
All LOIs must be submitted to RUS electronically through an on-line application window. The Agency will finalize the specific requirements of submitting the LOI through the on-line application window by notice in the Federal Register and the RUS website at https://www.rd.usda.gov/programs- services/electric-programs/powering- affordable-clean-energy-pace-program on or before June 30, 2023.
Application Submissions. LOI submitters chosen to proceed with the loan Application must submit a completed loan Application package in accordance with the instructions provided in the RUS’ Invitation to Proceed.
Other information. Additional information and resources are available at https://www.rd.usda.gov/programs- services/electric-programs/powering- affordable-clean-energy-pace-program. Information on IRA Funding for RD is located at the following website: https:// www.rd.usda.gov/inflation-reduction- act#fn.
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