Last week, Virginia Governor Bob McDonnell signed into law a power purchase agreement legislation that should help to speed up solar adoption in the commercial sector in Virginia.
"Virginia shines a glimmer of light on renewables by passing a wind and solar “pilot” program, after a surprising about-face by Dominion Power in supporting PPA legislation in 2013.
On March 18, 2013, Governor Bob McDonnell signed into law, power purchase agreement (PPA) legislation, directing the State Corporation Commission (SCC) to conduct a solar and wind PPA pilot program in Dominion Power service territory.
PPA’s represent the most recognized financing method in the renewable industry, allowing customers to enjoy the benefits of renewable energy, without the enormous upfront costs. A third-party financer owns the solar equipment, while the customer purchases renewable energy at a fixed rate. PPAs are extremely attractive for tax-exempt entities, unlocking a path to access federal tax credits that otherwise are unattainable."
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