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The Iowa Renewable Fuels Association is relaunching a statewide program designed to increase biodiesel usage on farms, the organization said Tuesday.

Farmers who buy a biodiesel blend can receive up to 50cts/gal for filling an on-farm tank in Iowa used in agricultural operations.

Response to a first round of funding in 2022 was positive, according to IRFA.

Farmers can earn 25cts/gal for filling up with B11 and 50cts/gal for using B20, up to a maximum credit of $500.

"IRFA is thrilled to be able to re-launch this program with $45,000 in available funding for 2023," Marketing Director Lisa Coffelt said in a statement. "Last year, we exhausted $35,000 in cash-back credits to almost 100 farmers who used higher biodiesel blends."

The Iowa Soybean Association and Iowa Biodiesel Board continue to partner with the program, providing $10,000. Biodiesel producers Western Iowa Energy, Western Dubuque Biodiesel and Chevron Renewable Energy Group each contributed $5,000. IRFA provides $20,000 in funding and manages the program.

The fuel must be delivered to a farm located in the state.

Program funding is to be awarded on a first-come, first-served basis.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

--Reporting by Michael Schneider, mschneider@opisnet.com; Editing by Jordan Godwin, jgodwin@opisnet.com and Michael Kelly, mkelly@opisnet.com

(END) Dow Jones Newswires

March 28, 2023 15:28 ET (19:28 GMT)

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