Office of State Senator Petersen: VA Senate passes Petersen's clean energy financing bill

From the Office of State Senator Petersen

February 9, 2010

CONTACT: Julia Kim
804-698-7534

Richmond, Virginia - February 9, 2010 - On Tuesday, the Virginia State Senate voted in favor (26-14) of Sen. Chap Petersen's clean energy financing legislation, Senate bill no. 110.

Senate Bill no. 110 gives localities the ability to secure loans for local clean energy improvement projects, such as the acquisition and installation of geothermal or solar technologies, by placing liens against properties where these technologies have been installed.

"As Virginia is a Dillon Rule State, localities are only allowed to do what the state allows them to. While we allowed last year for localities to offer these loans, they had no payback mechanism in the event of a loan default. This legislation corrects that oversight, and allows localities to be more innovative in assisting their residents," said Joe Stanley, Director of Virginia Interfaith Power & Light, a nonprofit conservation advocacy group.

"This is a bill with the potential to create jobs," added Petersen about his legislation. "There is a lot of interested private capital, but they cannot move forward unless this bill goes through."

According to Alan Givens of the heating, air conditioning and excavating industry and CEO of Parrish Services, the potential benefits include the creation of tens of thousands of jobs and the generation of money for municipalities.

"Senate Bill no. 110 is yet another example of Senator Petersen's pragmatic approach to meeting our commonwealth's energy goals," said Stanley.

The Virginia House of Delegates will hear senate Bill no. 110 in the coming weeks.

Senator Chap Petersen serves Virginia's 34th Senate District, which includes much of Fairfax County and Fairfax City.

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