Monarch Tractor is a participant in the Environmental Quality Incentives Program (EQIP). The EQIP (Environmental Quality Incentives Program) program, led by the U.S. Department of Agriculture (USDA) Natural Resources Conservation Service (NRCS) provides technical and financial assistance for farmers to address natural resource concerns, such as improved air quality or wildlife habitat. This NRCS flagship conservation program helps farmers, ranchers and forest landowners integrate conservation into working lands.
According to information provided by Monarch, EQIP is offering over $7.8 billion over the next five years to mitigate natural resource concerns. The Livermore, Calif.,-based company’s 100% electric MK-V tractor qualifies for this program and applications are accepted and processed year-round.
The company says its goal is to drive farm profitability and planet sustainability, and offers what it refers to as “the first 100% electric driver-optional data-driven tractor.” It reports that adding the MK-V to a fleet provides a range of benefits, including: Data-driven decision-making, increased profitability, labor efficiencies, precision operations, and better farm resiliency.
Monarch is encouraging potential purchasers not to miss out on the opportunity to save more than 50% off the MK-V's retail price, reporting that applicants who apply for the EQIP program can receive over 50% off the retail price of a MK-V tractor which they say helps to expedite ROI, allowing savings up to $12,000 on field per year, an estimate based on 1800 hours of operation.
Funding is contingent on the replacement of an existing 32+ horsepower diesel tractor.
A snapshot summary of the program and how it works according to information made available by Monarch follows:
- Payment: Rebates are directly fulfilled from the USDA to the purchaser. Payments are disbursed on a bi-annual basis, and the pay out period varies state by state.
- Eligibility: The purchaser must be a farmer, rancher, or forest landowner who either rents or owns agricultural lands. Whether involved in conventional or organic farming, specialty or commodity crops, forestry, wildlife, or livestock, EQIP can support a range of agricultural operations.
- Underserved communities: Farmers and ranchers historically underserved may be eligible for an additional 10% rebate, and may qualify for partial rebate distribution upfront. Monarch specialists work with customers to determine eligibility.
NRCS offers technical assistance at no cost. Producers can use our personalized advice and information, based on the latest science and research, to make informed decisions about their land.
Technical Service Providers (TSP) can help producers plan, design and implement conservation practices or develop conservation activity plans to improve their agricultural operations. A total of 27 states have opted into the EQIP Program to date.
Source : Farm Equipment