LIVERMORE, Calif. – May 6, 2024 – Monarch Tractor, maker of the MK-V, the world’s first fully electric, driver-optional, smart tractor, announces a significant opportunity for farmers nationwide through the Environmental Quality Incentives Program (EQIP). The company’s flagship 100% electric MK-V tractor now qualifies for substantial cost reductions under the EQIP program, an initiative designed to support sustainable agricultural practices.
Supporting Farmers
By setting a new standard in the market through products like the MK-V, which pair sustainability with increased savings in operational expenditures, Monarch is driving customer demand for electric farm machinery and catalyzing greater interest in subsidies and support for clean technology in agriculture This heightened demand for sustainable ag products is evidenced by programs like EQIP, which enable farmers nationwide to acquire the MK-V at less than 50% of its retail price. This will promote access to the MK-V's affordable, cutting-edge agricultural technology for American farmers.
To date, Monarch has seen success with farmers implementing MK-V tractors into their daily operations. For example, in the span of 8 months, Constellation Brands, a leading global premium, fine wine and craft spirits producer, saw over 1,700 hours of EV tractor operations, over $16,000 in energy savings and 8,000 kg of CO2 emissions reductions.
What is the EQIP Program?
The EQIP program aims to provide technical and financial assistance for farmers to address natural resource concerns, such as improved air quality or wildlife habitat. The program is currently available in the following states: Alaska, Arizona, Colorado, Connecticut, Idaho, Minnesota, Nebraska, Nevada, New Hampshire, Utah, Vermont, Washington, and Rhode Island.
Monarch works closely with farmers to participate in this program to support farmers’ transition to zero-emission machinery. If a state is not yet accepting EQIP, farmers are encouraged to contact a Monarch Specialist or their local USDA field office to explore options for securing funding for their tractor operations. MK-V tractors will be delivered through Monarch's dealer network.
Monarch Tractor is committed to increasing farmer profitability and planet sustainability. The generous support and contributions from programs like EQIP help offset the costs associated with adopting fully electric agricultural equipment for U.S. farmers, indicating a strong movement towards zero-emission technologies and a more sustainable farming future.
Praveen Penmetsa, CEO & Co-founder, Monarch Tractor
The MK-V combines electrification, AI, and data analysis to enhance operations by driving labor productivity, increased safety, and significant cost savings. Amplifying the MK-V’s capabilities, Wingspan Ag Intelligence (WingspanAI) is a one-stop solution that integrates a farm management system, vehicle position tracking, crop image collection, and automated operations planning into one platform. Monarch Tractor customers can harness the true power of the MK-V with WingspanAI’s automated operations planning, remote fleet management, tractor performance reports, maintenance diagnostics, and more.
