Mountain Parks Electric executes Letter of Commitment for more than $100 million in New ERA grant funding
Mountain Parks Electric, Inc. (MPE) executed a letter of commitment with the United States Department of Agriculture (USDA) Rural Utilities Services on Tuesday, Jan. 14, 2025, for the Empowering Rural America (New ERA) program for a total grant funding amount of $100,321,532 over 20 years.
This New ERA investment will be used for MPE to procure more than 300,000 megawatt hours of renewable clean energy through power purchase agreements in rural areas of Colorado. This will power nearly 18,500 homes annually.
The New ERA funding requires an impactful Community Benefit Plan (CBP). MPE submitted a comprehensive CBP that will advance and promote scholarships and apprenticeship programs, expand support of affordable housing and services for lower-income households, stabilize costs to rural cooperative members, and reduce climate pollution by over 291,000 tons each year. These projects will reduce greenhouse gas pollution equivalent to nearly 70,000 gasoline-powered cars annually.
“MPEI is eager to support New ERA’s priorities and advance innovative energy solutions for our rural communities,” said MPE General Manager Virginia Harman. “We deeply appreciate this ‘once in a lifetime’ opportunity and are honored to be part of the team to bring these benefits back to our membership.”
New ERA presents a significant opportunity for MPE and its members to realize both consumer and financial benefits. The cooperative can maintain sustainable rates while effectively managing expenses to ensure long-term operations. This approach helps MPE remain a financially viable and competitive utility, while its members enjoy cleaner, more resilient energy with more affordable overall energy costs that would otherwise not be available. New ERA is more than just a financial boon; it is critical to the long-term prosperity of the entire MPE community.
ABOUT Mountain Parks Electric, Inc.: MPE is a member-owned, not-for-profit electric utility cooperative. Established in 1946 in Walden, Colorado, MPE has been headquartered in Granby since 1953 with a service center in Walden. MPE serves approximately 18,000 members through more than 22,000 meters across approximately 4,000 square miles of Rocky Mountain terrain, including all of Grand and Jackson counties, as well as parts of Larimer, Routt and Summit counties.