augusta free press news

New voluntary Solar Resource Development Fund to help finance solar installations

Online donations to the Voluntary Solar Resource Development Fund created by the 2011 Virginia General Assembly are now being accepted, the Virginia Department of Mines, Minerals and Energy (DMME) announced today. The Fund is intended to provide capital for a revolving loan program to be created and administered by DMME for the purpose of financing solar equipment installations. Anyone can make a donation on-line by visiting a specially established web page at https://payments.vi.virginia.gov/solarfund

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 will begin issuing loans from the fund after July 1, 2012.

The Fund will create a source of money from which loans are made for three types of eligible solar energy projects. As loan repayments are made, funds become available for new loans. The Fund is expected to be fueled primarily by donations from customers of investor-owned electric utilities, but DMME is also authorized to accept donations to the Fund from all other organizations and individual donors.

Three types of solar equipment purchased on or after July 1, 2012 at residences, structures operated by nonprofit organizations, or commercial establishments are eligible, as defined in the Fund’s enabling legislation:

* “Photovoltaic device” means a device made in the United States that uses a solar photovoltaic process to generate electricity.
* “Solar space heating device” means a device made in the United States that, when installed in connection with a structure, uses solar energy for the purpose of heating the interior of the structure, which device moves the sun’s heat from one or more collectors to interior areas through the use of a pump and piping or fans and ductwork, and a heat exchanger. “Solar space heating device” does not include a passive solar device.
* “Solar water heating device” means a device made in the United States that, when installed in connection with a structure, uses solar energy for the purpose of providing hot water for use within the structure.

Learn more about the Solar Fund here: www.dmme.virginia.gov/de/solarfund.shtml


augusta free press
augusta free press