Solar Resource Development Fund

Background Information

The Voluntary Solar Resource Development Fund, created by the General Assembly in 2011, establishes a revolving loan fund to be administered by the Virginia Department of Mines, Minerals and Energy (DMME).  The Fund will be fueled primarily by donations from customers of investor-owned electric utilities.  DMME is also authorized to accept donations from other citizens and groups.

The Fund will create a source of money from which loans are made for eligible solar energy projects. As loan repayments are made, funds become available for new loans.

DMME is prohibited from issuing any loans until July 1, 2012.  The first year of the program will be used to collect donations and grow the fund from which loans can be made, and to develop the loan program terms and conditions.  DMME may delay the issuance of loans if there is an insufficient balance in the fund.  Once the program commences, DMME is required to loan funds to applicants in the order that their completed applications are received. 

Eligible projects include the acquisition, installation, and operation of eligible solar equipment at residences, structures operated by nonprofit organizations, or commercial establishments.

For more information, please see the Frequently Asked Questions.

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