Albuquerque, Nov 10, 2011 -- USDA Rural Development State Director Terry Brunner visited HydroCut, a metal cutting company south of Belen today to present a certificate of congratulations to Craig Oresman, the owner of the company and to tour the construction of the latest solar power project being built in New Mexico.
During his visit, Brunner said, “Rural Development is helping build competitive and sustainable rural communities by providing the resources that help small business owners take advantage of using alternative energy as a way to cut costs.” Brunner added, “This investment made by USDA will help HydroCut become sustainable and improve their bottom line.”
The funding was made under the Rural Energy for America Program (REAP) which helps farmers, ranchers and small businesses in rural America with loan and grant financial support to install renewable energy systems and to make energy efficiency improvements.
HydroCut has received a $49,000 grant from the REAP to offset the cost of installing a $196,000 modern 156 panel solar photovoltaic system. The solar energy system will allow the company to be more energy efficient and it is estimated that the solar power system will create almost 100% of the energy costs the company currently uses.
Oresman, the owner of Hydrocut, estimates that with the low interest loan from First Citizens Bank and the per kilowatt payment program from PNM the installation of the solar system will make the business more competitive, especially in these economic times.
HydroCut is one of over 900 projects across the nation that has recently been funded to help reduce energy costs and develop new sources of renewable energy.
USDA Rural Development’s mission is to increase economic opportunity and improve the quality of life for rural residents. Rural Development fosters growth in homeownership, finances business development, and supports the creation of critical community and technology infrastructure. Further information on rural programs is available at any local USDA Rural Development office or by visiting USDA Rural Development’s web site at http://www.rurdev.usda.gov