What is the VCEA?
The Virginia Clean Economy Act (VCEA) Since then, the VCEA has established the Commonwealth as a national leader in the fight against climate change as the first state in the South to set a 100% clean energy standard and commit to a zero-carbon electricity grid.
Does Virginia have a renewable portfolio standard?
Overview. The Virginia Clean Economy Act (April 2020) establishes a mandatory Renewable Portfolio Standard (RPS), which sets Virginia on a path to reach 100 percent clean electricity by 2050. The law applies to two large investor-owned utility companies in the state, Dominion Energy and Appalachian Power Company.
Does Virginia have a SREC program?
Solar Renewable Energy Credits (SRECs) are now available in Virginia as a result of the Virginia Clean Economy Act, which was passed in July 2019. The VCEA created an SREC market for Virginia by setting standards for our largest utilities to provide a certain amount of renewable energy every year or pay a fine.
What are SREC worth in VA?
Thanks to the Virginia Clean Economy Act passed in 2020 Virginia now has an SREC market. Current value is $30-60 per SREC with options for selling at the market rate or with locked in future contracts.
What is the renewable energy goal for 2025 for Virginia?
We are committed to doing its part to reach the Commonwealth of Virginia’s voluntary goal of 15% electricity from renewable sources by 2025. The company is expanding its renewable generation portfolio to help achieve this goal. Learn more about Dominion Energy’s investment in renewable energy.
How much is an SREC worth in Virginia?
How do SREC credits work?
A Solar Renewable Energy Credit (SREC) represents the “green” value of your electricity. SRECs are sold separately from the physical electricity that your solar panels produce. You earn one SREC for every 1,000 kWh (or 1 MWh) of electricity produced by a solar system.
Does Virginia have SRECs?
What US state has the most ambitious renewable portfolio standards?
Hawaii
Hawaii instituted the most aggressive RPS in 2015, with a requirement that 100 percent of its energy come from renewable sources by 2045.
What is the Virginia Clean Energy Act (vcea)?
Further, it will give all Virginians a personal stake in the advanced energy economy by reducing barriers to energy efficiency programs in every corner of the Commonwealth—including low-income communities. Put simply, the VCEA is the most ambitious clean energy policy in Virginia’s long history.
Will Virginia’s largest utility support the vcea?
Because the VCEA has gained the support of both Dominion Energy and Appalachian Power, Virginia’s two largest utilities, lawmakers are far more likely to embrace the proposal. Dominion Energy, Virginia’s largest electric utility and a major U.S. energy company, is headquartered in Richmond.
Why do we need the vcea?
Here’s why. The VCEA will spur economic growth. The VCEA will protect consumers. This will be benchmarked, with 73% or more of our electricity coming from clean energy by 2035, achieving the 100% goal by 2050.
What does Dominion’s vcea mean for the solar industry?
Under the VCEA, buildouts by Dominion declared to be in the public interest amount to about 10,465 megawatts of solar, 2,500 to 3,000 megawatts of offshore wind (a range that accommodates the utility’s planned 2,600-megawatt wind farm off the coast of Virginia) and 1,755 megawatts of energy storage.