REAP Modernization Act of 2023

This bill modernizes the Rural Energy for America Program (REAP), which provides grants and financial assistance to rural agricultural producers, cooperatives, and small businesses for renewable energy projects. Key changes include requiring projects to reduce greenhouse gas emissions, expanding eligible applicants to include producer cooperatives and NGOs, streamlining application processes, and studying dual-use energy systems (where crops and renewable energy share land). It also establishes a reserve fund for underutilized renewable technologies and removes energy use requirements for projects on properties with shared residential and agricultural energy meters. The bill directly affects rural entities seeking to adopt solar, wind, or other renewable systems on farms or small businesses.