Due to rising retailer interest in offering higher blends of biofuels, the Iowa Renewable Fuels Infrastructure Program (RFIP) yesterday awarded all of its remaining FY18 funds during its third quarter meeting.
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.”
The RFIP provides cost-share dollars to retailers to help increase consumer access to renewable fuels. For every dollar of state funding invested in the program since its inception, 4 dollars of private investment has resulted, totaling over $138 million in private economic activity.
“The public investment has resulted in quadruple the private investment,” stated Menke. “RFIP is doing exactly what it was designed to do – expanding consumer choice at the pump for higher biofuel blends – and giving Iowans a great return on their investment.”
RFIP cost-share grants are offered to Iowa retailers wishing to upgrade fueling infrastructure to offer E15, E85 and/or biodiesel blends. 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. For more on the program, please click here.
