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VA SB893

VA SB893
Renewable energy portfolio standard program; geothermal heating and cooling systems, report.


summary

Introduced
01/04/2025
In Committee
02/13/2025
Crossed Over
02/19/2025
Passed
03/07/2025
Dead
Vetoed
04/02/2025

Introduced Session

2025 Regular Session

Bill Summary

Renewable energy portfolio standard program; geothermal heating and cooling systems; report. For purposes of the renewable energy portfolio standard program, requires Dominion Energy Virginia and American Electric Power to procure and retire certain percentages of renewable energy certificates from geothermal heating and cooling systems, as defined in the bill, beginning with the 2026 or 2027 compliance year and thereafter. The bill amends the method by which renewable energy certificates from geothermal heating and cooling systems are calculated and directs the Commission on Electric Utility Regulation to prepare and deliver a report evaluating the procurement and retirement of renewable energy certificates from geothermal heating and cooling systems in the Commonwealth on or before November 1, 2027. The bill also directs the Real Estate Appraiser Board to promulgate regulations requiring the development of a continuing education curriculum and required training for all licensees that includes how to properly determine the increase in value of real estate created by reductions in building energy costs associated with solar, geothermal, and solar water heating investments.

AI Summary

This bill requires Dominion Energy Virginia and American Electric Power to procure and retire renewable energy certificates (RECs) from geothermal heating and cooling systems as part of the state's renewable energy portfolio standard program. Specifically, beginning in the 2026 compliance year, Phase II Utilities must procure at least 0.5% of their RECs from geothermal systems, increasing to 1% by 2028, while Phase I Utilities must start at 0.5% in 2027, rising to 1% by 2029. The bill introduces a $100 per megawatt-hour deficiency payment if utilities fail to meet these geothermal REC requirements and mandates quarterly requests for proposals to procure these certificates. Additionally, the bill requires the Commission on Electric Utility Regulation to prepare a report evaluating the procurement of geothermal heating and cooling system RECs by November 1, 2027. The Real Estate Appraiser Board is also directed to develop continuing education and training for real estate licensees on how to assess the value increases associated with solar, geothermal, and solar water heating investments, with a report on implementation due by November 1, 2025. The goal is to promote the adoption of geothermal heating and cooling systems and improve understanding of their economic benefits in the real estate market.

Committee Categories

Business and Industry

Sponsors (1)

Last Action

Senate sustained Governor's veto (on 04/02/2025)

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