Local governments in Virginia are authorized to offer PACE financing for renewable energy, energy efficiency, and water efficiency projects at commercial properties. Property owners and developers receive long-term,100% financing from qualified capital providers,
Commercial, industrial, institutional, agricultural, or public property used in Virginia as part of a solar thermal system may be partially or wholly exempt from property tax. Property associated with systems producing 5 MW or less is wholly exempt, as are systems up to 20 MW
County, city, or town governments in Virginia may set property tax rates for equipment, machinery, and tools used in generating renewable energy at levels lower than the statewide rates for such property.
Virginia localities may establish local green banks to promote any clean energy technology. Banks may be set up as public entities, quasi-public entities, depository banks, or nonprofit entities. Localities must offer to include private lenders in green banks.
Virginia mandates that Phase I and Phase II Utilities generate a certain portion of their annual electricity sales from renewable energy sources. The required percentage increases gradually over time, with the percentage for Phase I Utilities increasing from 6% in 2021 to 100% by 2050
The Virginia Resources Authority provides financial assistance to local governments, agricultural entities, and some businesses for energy efficiency equipment, renewable energy upgrades, and energy conservation projects. There are several programs including the Virginia Pooled Financing Program, Resilient Virginia Revolving Fund, and Local Government Direct Loan
