The Virginia Clean Economy Act (April 2020) establishes a mandatory Renewable Portfolio Standard (RPS), which sets Virginia on a path to reach 100 percent clean electricity by 2050. The law applies to two large investor-owned utility companies in the state, Dominion Energy and Appalachian Power Company.
From 2021 to 2024, Dominion and Appalachian Power may use RECs from any renewable energy facility located in Virginia or located within the PJM region. In 2025 and thereafter, at least 75% of all RECs used by Dominion must be sourced from RPS Eligible resources located in Virginia.
RECs can be used in the year the renewable energy was generated or the five calendar years thereafter.
Once customers have credits – (S)RECs – created in GATS, there are a variety of avenues for users to monetize those credits. Solar Prophets serves as a broker to handle all the dirty work of cashing in on your SRECs, so you don't have to.
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