Virginia
Incentives/Policies for Renewables & Efficiency
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Last DSIRE Review: 07/16/2009
| Incentive Type: |
Property Tax Financing Authorization |
| State: |
Virginia |
| Eligible Efficiency Technologies: |
Locally determined by ordinance
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| Eligible Renewable/Other Technologies: |
Locally determined by ordinance
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| Applicable Sectors: |
Commercial,
Residential,
Builder/Developer,
Institutional
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| Financing Terms: | Locally determined
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| Eligible Local Governments: | Any political subdivision authorized to levy fees or taxes
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| Possible Revenue Sources: | Independent lending institutions, other revenue sources determined by local governments
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Authority 1:
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Va. Code § 15.2-958.3
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| Date Enacted: | 3/30/2009 |
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Summary:
"Property tax financing" allows property owners to borrow money to pay for energy improvements. The amount borrowed is repaid through an increased property tax assessment over a period of years. Virginia has authorized local governments to create clean energy financing programs to provide such financing. Contact your local government to find out if financing is available for renewable energy and/or energy efficiency through special property tax assessments.
Local governments must hold a public hearing to solicit public feedback prior to adopting an ordinance establishing such a program. Participating local governments may determine funding sources, and establish interest rates and loan terms. Private lenders may participate. The local government may collect property owners' loan re-payments via water or sewer bills, real property tax assessments, or other bills.
The state law authorizing property tax financing in Virginia was inspired by grassroots efforts in Charlottesville, which has announced plans to develop a program to finance energy improvements by property owners.
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Contact:
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Ken Jurman
Virginia Department of Mines, Minerals, and Energy
Virginia Division of Energy
Washington Building
1100 Bank Street, 8th floor
Richmond, VA 23219-3638
Phone: (804) 692-3218
Fax: (804) 692-3238
Web Site: http://www.mme.state.va.us/de
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Please note: The information on the DSIRE web site provides an overview of incentives and other policies, but it should not be used as the only source of information when making purchasing decisions, investment decisions, tax decisions or other binding agreements. Please refer to the individual contact provided in each record to verify that a specific incentive or other policy is applicable to your specific project.
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