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
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
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