Governor Northam signed the Virginia Clean Energy (Economy) Act in April 2020, making Virginia the ninth state to commit to 100% zero carbon electricity. Its purpose is to create jobs in clean energy, reduce the state’s carbon emission, and ultimately reshape the energy system. Before now, laws limited the progression of renewable energy in the state, making it a less attractive option to Virginians. Here are some changes that will come as a result of the VCEA.
Clean Energy Will be Required
After 2045, the selling of fossil fuel generated electricity will not be permitted. This means more people will be switching to solar. The VCEA even requires Virginia's two largest utility monopolies, Dominion Energy and Appalachian Power, to cease all selling of fossil fuel generated electricity by 2045. Failure to do so will result in fines.
Utility companies will begin to charge more
Utility companies are allowed to recover money they invest into renewable energy along with a “fair rate of return” to make sure they can pay investors. This may result in at LEAST a $23/month increase on utility bills through 2027-2030 according to the State Corporation Commission.
An expansion of net metering
Net metering is a game changer for solar powering in Virginia. It can save homeowners anywhere from $10,000-$60,000 when going solar. It eliminates the need for batteries because system owners may use their utility company as a bank for storing extra power that can be used when needed. Before net metering, homeowners would have to purchase expensive batteries to do this. At the end of each year, any unused stored electricity can also be sold to the utility company!
Solar energy is gaining momentum in Virginia, join the movement now.
The passing of this bill is a major indicator that solar power is the direction Virginia is headed. With solar technology becoming more and more efficient, the benefits of switching to solar are becoming undeniable. 2021 is the last year to enjoy the 22% federal tax credit for installing solar systems, click QUALIFY on our menu to see what solar can do for your home.