Funding & opportunities for Businesses

Coastal Enterprises, Inc. (CEI) is offering 2.75-3.5% interest loans for small businesses looking to install solar panels at their business. Funds are limited and priority will be given to businesses that are BIPOC-, women-, or immigrant-owned. Based on demand, loans may be capped in size. LEARN MORE 

This program provides guaranteed loan financing and grant funding to agricultural producers

and rural small businesses for renewable energy systems or to make energy efficiency

improvements. Agricultural producers may also apply for new energy efficient equipment and

new system loans for agricultural production and processing. Connect with your

Regional Planning Organization or contact Brian Wilson, Maine program contact. https://www.rd.usda.gov/programs-services/energy-programs/rural-energy-america-program-renewable-energy-systems-energy-efficiency-improvement-guaranteed-loans/me

There are two federal tax credits available for businesses and other entities like nonprofits and

local and tribal governments that purchase solar energy systems: The investment tax credit (ITC)

is a tax credit that reduces the federal income tax liability for a percentage of the cost of a solar

system that is installed during the tax year. The production tax credit (PTC) is a per kilowatt-hour

(kWh) tax credit for electricity generated by solar and other qualifying technologies for the first

10 years of a system’s operation. It reduces the federal income tax liability and is adjusted

annually for inflation. Organizations that don’t pay federal taxes, like non-profits or local

governments, can take advantage of the tax credits through either direct pay or a transfer of

credit. https://www.energy.gov/eere/solar/federal-solar-tax-credits-businesses