The Virginia Resources Authority (VRA) was created in 1984 and provides financial assistance to local governments in Virginia for a variety of projects, including energy and energy conservation projects. In March 2011, H.B. 2389 added "renewable energy" to the list of eligible projects (though it may have already been technically eligible under the "energy" category). VRA offers several financing options, including the Virginia Pooled Financing Program, Revolving Loan Funds, and Term Financing.
In March 2007, the Virginia legislature passed SB 1416 thereby amending Virginia’s earlier electric industry restructuring law, including a energy efficiency goal of 10% electricity savings by 2022 relative to 2006 base sales.
With SB 1416, the State Corporation Commission (SCC) was directed to conduct a series of proceedings to consider whether the 10% goal could be met cost-effectively, determine the mix of programs that should be implemented and their cost, and develop a plan for development and implementation of these programs.
The Economic Development Loan Fund helps to fill the financing gap between private debt financing and private equity. Up to $1 million is available for each project and can be used for the acquisition of land or facilities, or the purchase of machinery or equipment. Projects must create new jobs or “save” jobs in underserved or distressed areas. Eligible businesses include those engaged in technology, and those that provide for a locality’s economic and “quality of life” development.
This legislation provides for the establishment of sanitary, sanitation, drainage, and public facilities districts in Virginia. Designated districts are public bodies, and have the authority to regulate the construction and development of sanitation and waste disposal projects in their jurisdiction.
In March 2013, the Virginia State Corporation Commission approved a rate program for Dominion Virginia Power customers that install solar PV systems. The rate was approved at 15 cents per kWh with a 5 year contract. Both residential and nonresidential customers are eligible for the program. The program is capped 3 MW, with 60% of the capacity reserved for residential customers and 40% reserved for nonresidential customers. Customers must install a separate meter for the PV system and sell all of the generation back to Dominion. Customers will pay a charge for the meter.
The State Water Control Board is responsible for formulating and implementing a comprehensive water use policy for the Commonwealth of Virginia. Implemented by the Department of Environmental Quality, the policy consists of ground water characterization, water supply planning, and water withdrawal permitting programs.
The [http://www.trs.virginia.gov/debt/MELP%20Guides.aspx Master Equipment Leasing Program] (MELP) ensures that all Commonwealth agencies, authorities and institutions obtain consistent and competitive credit terms for financing equipment and energy efficiency projects. Agencies can finance energy projects at a minimum of $10,000 and can make repayments over 3, 5, 7 and 10 year terms.
Lease financing administered by the Department of Treasury provides funding for energy efficiency projects in state facilities operated by state agencies, authorities and institutions of the Commonwealth of Virginia. The Energy Leasing Program allows for the purchase of services and equipment required to develop, design, and install an energy efficiency project. Agencies can finance energy projects at a minimum of $100,000 and will make repayments over 12 or 15 year terms.