Solar Financing | North Avenue Capital - NAC


Solar Energy Loans


Finance up to 80% of

Eligible Project Costs

$2 Million - $25 Million

Loan Amounts


Loan Program

Renewable energy has the power to decrease dependency on foreign oil and reduce the world’s carbon footprint by tapping into a resource unhindered by production snafus or political peril: the sun. But harnessing the power of the sun is no smaller matter. The investment required to begin solar energy generation is the #1 hurdle for many. Moreover, the amount of land required to establish solar resources of scale is sizable, dictating that its location is often rural.

Fortunately, a solar project’s rural location unlocks a special financing opportunity from the USDA. The government agency more commonly known for its service to agriculture also backs a government-guaranteed lending program specifically for rural energy projects – no agricultural component required. The
USDA-backed loans, which range from $2 million to $25 million, are facilitated with the help of trusted lenders like North Avenue Capital.

REAP Financing 101

NAC CEO Joseph Rowell and Veritex Community Bank President and CEO Malcolm Holland unpack how the USDA’s Rural Energy for America Program (REAP) benefits business owners and brokers alike through government-guaranteed commercial loans specifically earmarked for renewable energy projects across rural America.

The Soaring Efficiency of the Sun

According to historians, the power of the sun was first transformed into electricity in 1893. As you might expect, the early prototype’s effciency left much to be desired. By the mid-1950’s, the allure of solar picked up steam. 1995’s attempts at harnessing the sun were 2% efficient and created power at the steep cost of $1785 per watt. By 1960, effciency had multiplied seven-fold. Today, constructing a solar energy system costs roughly $2.75 per watt, making renewable energy more effcient and cost-effective than ever before. And for those who qualify for competitive financing from the USDA, getting started has never been easier.


Solar financing from NAC harnesses a government-guaranteed lending program through the USDA Rural Development Program. This loan program is called USDA REAP, for short. The competitive financing offers funding for projects that traditional banks often decline. 
REAP: Rural Energy for America Program

Agricultural producers or small businesses with no outstanding delinquent federal taxes, debt, judgment, or debarment.

USDA REAP loans can be used to purchase renewable energy systems (like building a solar farm) or to make energy efficiency improvements.

North Avenue Capital, NAC, is a specialized commercial lender serving the country nationwide in rural areas. NAC is a commercial solar lender with loan minimums at $2 million. 

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Not Searching for Solar? You Have Options.

The USDA’s Rural Energy for America program provides government-guaranteed loans to agricultural producers and rural small businesses to upgrade, replace, or construct energy-efficient systems. Qualifying systems include renewable energy systems such as biomass, geothermal, hydropower, hydrogen, wind generation, ocean generation, and solar, as well as energy efficient improvements like HVAC, insulation, lighting, cooling, refrigeration, doors, windows, and more. As with the USDA’s other speciality lending programs, partnering with a rural lending expert like NAC offers borrowers a significant advantage as they navigate the unfamiliar application process

USDA Rural Energy for America Loans







Solar Generation






Cooling &

Doors &

Pumps for
Sprinkler Pivots

Diesel to Electric
Irrigation Motor


For expert advocacy in solar
financing, Look North.

The NAC team comprises savvy investors, experienced bankers, and creative marketers. Each brings a unique perspective to the table, empowering NAC to view each loan from multiple angles. We operate as a unified front, working in tandem to over our customer's true partnership from engagement to close. For a true partner in securing funding for a solar energy project, Look North.

Defining Rural:

97% of America

Our customers are often surprised to hear that we only lend to rural businesses — and even more surprised to discover they’ve actually been operating one. 97% of the geographic USA is considered rural. Find out if your address qualifies in 10 seconds.

USDA Rural Eligibility Map Updated October 2023