The US Department of Agriculture (USDA) has invested around $68m in 540 renewable energy and energy efficiency projects across the nation.

The funding is being provided through USDA Rural Development’s Rural Energy for America Program (REAP).

The REAP funds can be used by eligible agricultural producers and rural small businesses to make energy efficiency improvements or install renewable energy systems including solar, wind, renewable biomass (including anaerobic digesters), small hydroelectric, ocean energy, hydrogen, and geothermal.

USDA Secretary Tom Vilsack said: "These loan guarantees and grants will have far-reaching impacts nationwide, particularly in the rural communities where these projects are located.

"Investing in renewable energy and energy efficiency will continue the unprecedented increase in home-grown energy sources and American energy independence we’ve seen in recent years. This is creating jobs, providing new economic opportunities and leading the way to a more secure energy future."

President Obama has announced new executive actions to further advance the development of solar technologies across the country.

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The solar investments are expected to reduce energy consumption, cut carbon pollution by nearly 300 million tons and save businesses nearly $45bn on their energy bills.

"Of the REAP projects funded today, 240 projects are for solar investments of $5.2 million in grants and $55.3 million in loans," added Vilsack.

USDA has also offered $105m loan guarantee to a company that will produce jet fuel from municipal solid waste.