This month, U.S. Senators Fischer and Klobuchar introduced the Precision Agriculture Loan (PAL) Act. The purpose of this legislation is to make it easier for producers to invest in precision agriculture equipment that, “make their operations more efficient, environmentally-friendly, and productive,” according to Sen. Fischer.
Below are a few highlights from the office of Sen. Deb Fischer regarding the PAL Act’s function and importance:
“The World Economic Forum estimates that if just a quarter of the world's farms adopted precision agricultural practices, farm yields globally could increase by 15 percent. Greenhouse gas emissions and water use would decrease by 10 percent and 20 percent, respectively.”
“It would be the first federal loan program dedicated entirely to precision agriculture. Instead of paying upwards of 5 percent in interest, producers would be eligible for interest rates lower than 2 percent through the new program with loan terms from 3 to 12 years in length. These loans would cover any precision agriculture technology that improves efficiency or reduces inputs.”
Here at Hylio we are thrilled to see that precision agriculture is being increasingly recognized as vital to the continuing success of farming in the U.S. and beyond. This PAL Act has not yet been voted into effect, but this is certainly a promising sign for the future of the agricultural industry. Hopefully, farmers will soon be able to utilize this framework to gain easier access to precision ag tools, such as Hylio’s AgroDrone Technology.
You can find a one-page summary of the proposed PAL Act here.
You can read the full text of the Pal Act here.
SUPPORT PRECISION AGRICULTURE WITH AN INVESTMENT IN HYLIO