Bill > SB1040

This bill modifies Virginia's renewable energy portfolio standard (RPS) program requirements for electric utilities, primarily focusing on Dominion Energy Virginia. The bill suspends RPS compliance requirements from 2024 through 2027, after which utilities will resume increasing their renewable energy portfolio percentages. It removes the previous requirement that solar or wind generation facilities must have a minimum capacity of 50 kilowatts to qualify for third-party power purchase agreements. The bill encourages the development of solar projects on previously developed sites to reduce land use impacts, defining such sites to include former industrial, commercial, parking, and mining locations. It maintains the utilities' existing goals for constructing and acquiring solar, wind, and energy storage capacity, with specific targets for Phase I and Phase II utilities to develop renewable energy resources in the Commonwealth. The bill also allows utilities to recover costs associated with renewable energy development prior to December 31, 2032 and provides flexibility in how utilities can meet their renewable energy requirements. Additionally, the bill includes provisions for exempting certain large commercial customers from some renewable energy costs and establishes mechanisms for utilities to procure renewable energy resources through competitive proposals and power purchase agreements.