Virginia GREC Market Opens in 2025 (VA SB508)

Carbon Solutions Group worked with VA Senator Surovell to pass a partisan bill in the Senate to pass VA SB508, which will allow GREC aggregation in Virginia beginning in 2025. 

Here is a summary of VA SB508: 

• Provides that geothermal heating and cooling systems, as defined in the bill, located in the Commonwealth are eligible for compliance with renewable energy portfolio standard requirements.
• The bill also requires the State Corporation Commission (the Commission) to convene a stakeholder work group to examine the feasibility of establishing renewable energy portfolio standard program (RPS program) requirements that require each Phase I and Phase II Utility to procure and retire renewable energy certificates (RECs) from geothermal heating and cooling systems placed in service after August 16, 2022, as a percentage of the number of RECs used for RPS program compliance.
• The work group shall include representatives from the geothermal industry, Phase I and Phase II Utilities, the Department of Energy, environmental advocacy organizations, environmental justice organizations, consumer advocates, and other interested stakeholders.
• The Commission is required to report the findings and recommendations of the work group to the Chairmen of the Senate Committee on Commerce and Labor, the House Committee on Labor and Commerce, and the Commission on Electric Utility Regulation no later than December 1, 2024. Portions of the bill have a delayed effective date of January 1, 2025.