The Iowa Renewable Fuels Infrastructure Program (RFIP) is already out of funding for 2018, but many more retailers are interested in offering higher blends in the state.
During the third of its four scheduled meetings, the RFIP board awarded funds to 15 projects for retailers around the state to install the necessary equipment to offer higher blends of ethanol and biodiesel. Due to lack of funds, some retailers were turned away and no funds remain for any fourth quarter applications. This is the second straight year that demand has exceeded funding for the program.
“RFIP is the definition of a successful program,” said Iowa Renewable Fuels Association Policy Director Grant Menke. “We’ve seen the number of retail stations offering higher biofuel blends increase dramatically, and interest in the program is still at an all-time high. It is critically important the state continue to make this investment and sustain this momentum toward higher blends.”
RFIP cost-share grants are offered to Iowa retailers wishing to upgrade fueling infrastructure to offer E15, E85 and/or biodiesel blends to help increase consumer access to renewable fuels. For every dollar of state funding invested in the program, four dollars of private investment has resulted, totaling over $138 million in private economic activity.
Reimbursement can be up to 70 percent of the installation costs, up to a maximum of $50,000 per project, with a five-year commitment.