Virginia Enacts Law to Strengthen Energy Choice with Third-Party Solar Financing

RICHMOND, VA — The Virginia General Assembly has officially passed House Bill 1062/Senate Bill 271, allowing rooftop solar leasing with a third-party in Virginia and strengthening energy choice for customers. The law becomes effective on July 1, 2024.

Over 50,000 Virginia homes have solar installed, and the market is expected to grow by nearly ten-times in the next decade as customers look to take control of their energy and lower their electricity bills. Expanded solar financing options like third-party leasing help reduce upfront costs and make the decision to install solar more attainable for people of all incomes.

“SEIA commends Governor Youngkin and leaders in the General Assembly for supporting a strong, bipartisan solution to give Virginians the freedom to choose the energy that works for them,” said Caitlin Vincent, Southeast senior manager for the Solar Energy Industries Association (SEIA). “As thousands of Virginia families consider their energy choices and install solar over the next decade, the solar and storage industry is taking steps to ensure every installation is safe, reliable, and meets customer expectations. SEIA will continue to advocate for policies that open the market for solar, put customers first, and strengthen Virginia’s energy economy.”

“Rooftop solar is a key component of Virginia’s commitment to clean energy because it strikes a balance between lowering costs, meeting our energy goals, strengthening our grid, and protecting our unique landscape,” said Senator Suhas Subramanyam, a co-sponsor of the bill. “As our energy demand increases, we’ll need to think of novel ways to generate supply, and programs like solar leasing and net metering help incentivize deployment where it’s needed most. I’m grateful that after two sessions we could finally get this bill passed and lay the groundwork for better integrating rooftop solar and battery storage into our grid.”

“I’m so proud that we were able to earn bipartisan support on this bill and that we were able to bring all of the key stakeholders climate advocates, solar installers, and our utilities together to send the best bill possible to the Governor’s desk,” said Delegate Rodney T. Willett, a co-sponsor of the bill. “This bill will help the Commonwealth look forward in our clean energy transition, attract more businesses to Virginia, and allow more people to utilize solar energy in a more affordable and accessible way.”

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About SEIA®: 

The Solar Energy Industries Association® (SEIA) is leading the transformation to a clean energy economy, creating the framework for solar to achieve 30% of U.S. electricity generation by 2030. SEIA works with its 1,000 member companies and other strategic partners to fight for policies that create jobs in every community and shape fair market rules that promote competition and the growth of reliable, low-cost solar power. Founded in 1974, SEIA is the national trade association for the solar and solar + storage industries, building a comprehensive vision for the Solar+ Decade through research, education and advocacy. Visit SEIA online at www.seia.org and follow @SEIA on Twitter, LinkedIn and Instagram.

Media Contact: 

Morgan Lyons, SEIA’s Director of Communications, mlyons@seia.org (202) 556-2872