The REAP Modernization Act of 2023 updates the Rural Energy for America Program, which provides grants and financial assistance to agricultural producers and rural businesses for renewable energy projects. The bill expands eligibility to include producer cooperatives, nongovernmental organizations, and rural electric cooperatives on a case-by-case basis, while requiring the Department of Agriculture to prioritize projects that reduce greenhouse gas emissions and provide climate benefits. Key changes include streamlining the application process, increasing the minimum grant amount from $20,000 to $50,000, and raising the cost-sharing requirement from 25 percent to 50 percent for certain renewable energy systems. The legislation directs the Secretary of Agriculture to conduct a study within two years on dual-use energy systems, which combine renewable energy production with agricultural operations on the same land, and to report recommendations on whether the program should be expanded to cover higher-energy-producing projects. The bill also establishes a reserve fund comprising at least 15 percent of annual program funds to support projects using underutilized renewable energy technologies.
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