Third-generation farmers harvest tax credits from 590 kW agrivoltaic installation

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T&H Farms, a poultry operation in Fairmont, North Carolina, completed a transfer of clean energy tax credits to an undisclosed party from its 590 kW rooftop solar installation.

“This solar project helps us offset rising energy costs and provides us the flexibility to pursue additional initiatives that benefit the quality and efficiency of our operation,” said Logan Hoffner, one of the owners of T&H Farms.

The transaction was facilitated by Concentro, a U.S.-based company that specializes in tax credit transfers for distributed generation. Tax credit transferability was part of the Inflation Reduction Act of 2022 and was retained in the recently passed federal budget bill. It enables clean energy asset owners to sell tax credits to entities with tax liability in exchange for cash.

The solar project was developed by North Carolina-based Red Renewables, an installer that specializes in agricultural solar. In addition to receiving cash for the tax credit transfer, the project was financed in part by a grant from the U.S. Department of Agriculture’s Rural Energy for America Program (REAP), as well as financing from Rabo AgriFinance, a Missouri-based financial institution.

The REAP grant 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. The program was officially created in 2008 through the Farm Bill when Congress combined an energy efficiency program with one that focused on renewable energy.

“Tax credits combined with REAP grants present a powerful opportunity for farms across the U.S., many of which are well suited for co-location of solar without changing land use,” said Inigo Rengifo Melia, CEO of Concentro. “With REAP grants covering up to 50% of project costs and tax credits accounting for another 30-40%, farms can access solar with minimal investment.”

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