Parking Lot Solar Development Program; established, report.

Parking Lot Solar Development Program and Fund; report. Directs the Department of Energy, in consultation with the Department of Environmental Quality, to establish by January 1, 2025, a Parking Lot Solar Development Program for the purpose of encouraging development of distributed parking lot solar projects up to one megawatt in size in the Commonwealth. The bill also creates the Parking Lot Solar Development Fund for the purposes of (i) funding solar renewable energy credit values at an updated 10-year levelized incentive level through the renewable energy certificate market using a solar financing model as described in the bill, (ii) implementing and administering the Parking Lot Solar Development Program, and (iii) implementing and administering an alternative auction site that sets a fixed price for solar renewable energy credits not sold in the Commonwealth. The bill requires the Department, in consultation with the Department of Environmental Quality, to engage in a stakeholder consultation to evaluate the current costs of solar installations and incentive levels across market segments and study benefits to grid security and reliability, ratepayers, and environmental goals of the Commonwealth by December 1, 2024, and every five years thereafter. The bill also directs the Commission to consult with agencies and stakeholders to develop an online mapping database of potential parking lot solar sites for development in the Commonwealth by December 1, 2024. Finally, the bill requires the Department, in consultation with the Department of Environmental Quality, to submit an annual report to the General Assembly regarding the implementation of the Parking Lot Solar Development Program for the preceding fiscal year by November 1, 2025.