Department of Conservation and Recreation; acquisition of property to establish a state park; Loudoun County. Allows the Department of Conservation and Recreation to acquire from the Conservation Fund approximately 1,240 acres of real property and any buildings or structures thereon between Little River Turnpike, James Monroe Highway, and Tail Race Road, known as Oak Hill Farm, in Loudoun County for the purpose of establishing and operating a state park on such property. This bill incorporates HB 239.
Department of Environmental Quality; carbon market participation; coastal and marine resources. Allows the Department of Environmental Quality to participate in any carbon market for the preservation, restoration, and sustainable management of the Commonwealth's coastal and marine resources on state-owned bottomlands and property and enter into agreements necessary to facilitate such participation. The bill requires the Department to hold exclusive title to such credits until such credits are sold. Any revenues resulting from the sale of such credits are required to be distributed as follows: 75 percent to the Oyster Replenishment Fund and 25 percent to the qualifying leaseholder.
Electric utilities; renewable portfolio standard program; zero-carbon electricity; accelerated renewable energy buyers. Classifies zero-carbon electricity generating facilities that are not otherwise renewable portfolio standard (RPS) program eligible sources and that are placed into service in the Commonwealth after July 1, 2030, as RPS eligible sources. The bill permits an accelerated renewable energy buyer to contract to obtain bundled capacity, energy, and renewable energy certificates from solar, wind, or zero-carbon electricity generation located within the PJM region and placed in commercial operation on or before January 1, 2015, if investments to increase the maximum thermal power output of such facility occurred after January 1, 2015, or if a financial agreement for procurement of energy and capacity was entered into with such facility after January 1, 2015, to prevent the early retirement or decommissioning of such facility due to financial constraints.
Land preservation tax credit; maximum amount increase. Increases from $75 million to $100 million, beginning in calendar year 2026, the maximum amount of land preservation tax credits that may be issued in a calendar year.
Electric utilities; request for proposals required for certain facilities. Requires Appalachian Power and Dominion Energy Virginia, at least 15 months prior to seeking approval to construct or purchase a generating facility that emits carbon dioxide, to conduct a thorough evaluation of non-carbon-emitting electric generation options through an independent administrator selected by the State Corporation Commission and retained by such utility. The bill directs the Commission to review the framework and schedule of the request for proposals designed by the independent administrator and accept feedback from relevant stakeholders. The bill provides that if the results of the request for proposals indicate that a cost-effective set of proposed resources can meet the identified energy and capacity needs, such utility shall petition the Commission for approval of such resources.
Electric utilities; emissions intensity target program. Requires the State Corporation Commission to develop an emissions intensity target program for Dominion Energy Virginia and Appalachian Power to achieve net-zero emissions. The bill requires the Commission to promulgate regulations to implement its provisions by January 1, 2027. Upon the promulgation of such regulations, the bill repeals certain provisions that require Dominion Energy Virginia and American Electric Power to participate in a renewable energy portfolio standard program, authorize the State Air Pollution Control Board to promulgate certain regulations, and provide that the construction or purchase by a public utility of certain generation facilities is in the public interest.
Tax credit; solar energy equipment. Establishes a nonrefundable income tax credit for taxable years 2026 through 2030 for individuals who incur allowable expenses, as defined in the bill, for the purchase and installation of solar energy equipment, also defined in the bill. An individual who properly claims this credit shall be allowed a credit in the amount of 15 percent of the cost of such equipment and allowable expenses, up to $1,000. The aggregate amount of credits allowable under the provisions of the bill shall not exceed $5 million per taxable year.
Income tax; energy-efficient homes tax credits. Authorizes a nonrefundable income tax credit, during taxable years 2026 through 2030, in an amount equal to $2,500 for the construction of an energy-efficient home or $1,000 for the purchase of such home. The bill also authorizes a nonrefundable income tax credit, during taxable years 2026 through 2030, in an amount equal to $5,000 for the construction of an extra-efficient home or $2,000 for the purchase of such home. The bill clarifies that either an eligible contractor or an eligible purchaser, but not both, shall be able to claim the credit for any single energy-efficient or extra-efficient home, as applicable, and establishes a maximum credit amount that an eligible purchaser or eligible contractor may claim per taxable year of $250,000.
Virginia Brownfield and Coal Mine Renewable Energy Grant Fund. Increases from $100 per kilowatt of nameplate capacity from renewable energy sources that are located on brownfields to $200 per kilowatt of nameplate capacity from renewable energy sources that are located on brownfields the grant amount a project developer can receive from the Virginia Brownfield and Coal Mine Renewable Energy Grant Fund. This bill is a recommendation of the Commission on Electric Utility Regulation.