Solar incentives in Virginia
What type of solar incentives are available?
Several types of incentives can help you go solar.
Virginia does not currently have its own Solar Renewable Energy Credits (SREC) market because it does not have a mandatory renewable portfolio standard (RPS).Virginia’s RPS sets a voluntary target of 15% renewable electricity generation for its utilities and electricity providers. Because Virginia’s RPS is voluntary and non-binding, utilities and electricity providers have little incentive to purchase SRECs from solar owners. As a result, Virginia does not have its own SREC market. Virginia solar owners are able to sell their SRECs into the Pennsylvania market but the Pennsylvania SREC market is rather weak, as it is fundamentally oversupplied from out-of-state SRECs. You can find the most up-to-date SREC market prices at SRECTrade.com.
Virginia legislators enabled Property Assessed Clean Energy (PACE) programming in 2009. While the law technically allowed cities and counties to begin designing and implementing PACE for commercial properties, it was not until the law was clarified in 2015 that municipalities began pursuing PACE programs for their constituents. While various municipalities are in the process of designing a commercial PACE program for their constituents, only Arlington County has finalized its program design and contracted for a program administrator. Traditional commercial properties, such as office buildings, retail, hotels, multi-family buildings of five or more units, as well as non-profit properties, are eligible for commercial PACE financing.
Virginia currently does not offer any state-specific incentives.