Virginia

Voluntary Solar Resource Development Fund

The Virginia Department of Mines, Minerals, and Energy administers this revolving loan program, which can finance any solar energy project. The money in the fund comes from donations made by customers of Virginia electric utilities, who are obligated to solicit donations and promote the fund.

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Renewable Portfolio Standard

Virginia mandates that Phase I and Phase II Utilities generate a certain portion of their annual electricity sales from renewable energy sources. The required percentage increases gradually over time, with the percentage for Phase I Utilities increasing from 6% in 2021 to 100% by 2050

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Virginia C-PACE Clean Energy Financing Local Option

Local governments in Virginia are authorized to offer PACE financing support to renewable energy, energy efficiency, and water efficiency projects. Local governments have discretion over funding sources, qualifying projects, loan term lengths, loan amounts, and interest rates. 

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Energy Project and Equipment Financing

Local governments in Virginia can receive financial support of varying types from the Virginia Resources Authority for renewable energy and some energy efficiency projects. The statute that authorized the program includes an imprecise definition of renewable energy, which means a broad set of renewable thermal

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Commercial Solar Property Tax Exemption

Commercial, industrial, institutional, agricultural, or public property used in Virginia as part of a solar thermal system, including thermal energy storage, may be partially or wholly exempt from property tax. Property associated with systems producing 5 MW or less is wholly exempt, as are systems

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VirginiaSAVES Green Community Loan Program

This program matches industrial, commercial, non-profit, and local governmental entities with private lenders to provide funding for qualified renewable energy and energy efficiency upgrades, including hot water and steam improvements and alternative fuel infrastructure. To deliver a loan, the program issues a Qualified Energy Conservation

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Local Green Banks

Virginia localities may establish local green banks to promote any clean energy technology. Banks may be set up as public entities, quasi-public entities, depository banks, or nonprofit entities. Localities must offer to include private lenders in green banks.

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