SB 834

Department of Energy; Virginia Solar Energy and Battery Energy Storage Systems Program and tax credit; solar energy and battery energy storage projects. Establishes the Virginia Solar Energy and Battery Energy Storage Systems Program, to be administered by the Department of Energy, for the purpose of (i) coordinating and supporting the development of solar energy and short duration battery energy storage industries and projects by other public or private entities; (ii) evaluating and approving solar energy and short duration battery energy storage projects as qualified projects for the purposes of the tax credit established by the bill; and (iii) determining which items and services are considered eligible project costs for a given qualified project, as defined in the bill. The bill establishes requirements for what can be considered a qualified solar energy and short duration battery energy storage project based on whether the use of such project is for a residential, commercial and industrial, or utility-scale project. The bill establishes a tax credit for the installation of such residential, commercial and industrial, or utility-scale solar energy and short duration battery energy storage projects for taxable years beginning on and after January 1, 2027, but before January 1, 2032. Finally, the bill requires the Department to monitor allocation of the tax credit and publish quarterly transparency reports summarizing such information and to establish and maintain a public dashboard displaying certain information on the solar energy and short duration battery energy storage installations. The bill has a delayed effective date of January 1, 2027.