2021 Session

Budget Amendments - HB1800 (Member Request)

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Chief Patron: Reid
R-PACE Work Group (language only)

Item 125 #5h

Item 125 #5h

Commerce and Trade
Department of Mines, Minerals and Energy


Page 119, after line 23, insert:

"E. The Department of Mines, Minerals, and Energy (DMME) shall establish a work group to determine the feasibility and approach of creating a Virginia R-PACE program. The R-PACE work group shall assess the status and readiness of Federal regulations to support an R-PACE program; determine market interest, size, and potential volume for Virginia R-PACE program; recommend draft legislation to facilitate program implementation and administration; and develop draft guidelines governing R-PACE loans in Virginia. DMME shall at least include the following stakeholders: the Virginia PACE Authority; the Virginia Bankers Association and other mortgage originators; the Virginia Realtors Association; PACE capital financing institution representative; solar energy contractor; and a representative of the homebuilding industry representative. Additionally, the R-PACE Work Group shall solicit and evaluate written public comments. The Department shall provide a report detailing its findings and recommendations to the Chairs of the House Appropriations and Senate Finance Committees no later than December 1, 2021."


(This amendment directs the Department of Mines, Minerals, and Energy to establish a work group to assess the feasibility of creating a Virginia Residential Property-Assessed Clean Energy (R-PACE) Program.)