SB893: Renewable energy portfolio standard program; geothermal heating and cooling systems, report.

Legislative Summary

Renewable energy portfolio standard program; geothermal heating and cooling systems; report. For purposes of the renewable energy portfolio standard program, requires Dominion Energy Virginia and American Electric Power to procure and retire certain percentages of renewable energy certificates from geothermal heating and cooling systems, as defined in the bill, beginning with the 2026 or 2027 compliance year and thereafter. The bill amends the method by which renewable energy certificates from geothermal heating and cooling systems are calculated and directs the Commission on Electric Utility Regulation to prepare and deliver a report evaluating the procurement and retirement of renewable energy certificates from geothermal heating and cooling systems in the Commonwealth on or before November 1, 2027. The bill also directs the Real Estate Appraiser Board to promulgate regulations requiring the development of a continuing education curriculum and required training for all licensees that includes how to properly determine the increase in value of real estate created by reductions in building energy costs associated with solar, geothermal, and solar water heating investments.