Rate Stabilization Plan Grants
Our Economic Development (ED) Rate Stabilization Plan (RSP) grant program provides financial assistance to new and existing industries for expansion projects that create new jobs, retain existing jobs and generate new investment within our service territory. These funds are designated to assist with the cost of utility infrastructure.
Our ED Managers will partner with local, county and regional ED organizations, the Ohio Department of Development (ODOD) and directly with industries to identify eligible projects. They will evaluate and recommend the funding levels for each eligible new or expansion project.
Communities and industries within our service territory may apply for this grant. The recommended funding assistance will be based on the following categories:
- Number of new and/or retained jobs
- Level of investment
- Project location
- Use of funds
- Demonstration of support and need
- Level of competition
- Additional funding assistance from other sources
AEP Ohio, the ODOD, and the Public Utilities Commission of Ohio (PUCO) must approve all eligible projects.
Use of Funds
These funds can be used to help offset costs of utility infrastructure improvements to support new location projects and existing company expansions. Examples include new service facilities, upgrades and replacement of existing facilities and relocation of existing facilities. Our ED Managers will evaluate all requests and approve the proposed use of grant funds.
Our ED Managers will work with representatives of the local, county and regional ED organizations, the ODOD Business Development Division and the industries to complete a grant application. After our ED Managers have determined the funding levels, the ODOD will issue a commitment letter including the grant amount recommended for the project. An acceptance letter will be required from the applicant officially accepting the grant funds.