Virginia House Bill HB746

Virginia 2024 Regular Session

• Introduced: 1/9/24
• Refer: 1/9/24
• Report Pass: 2/8/24
• Engrossed: 2/12/24
• Refer: 2/14/24
• Report Pass: 2/26/24
• Engrossed: 2/29/24
• Engrossed: 3/4/24
• Enrolled: 3/7/24
• Chaptered: 4/17/24

Caption

Energy efficiency programs; definitions, incremental annual savings.

Impact

If enacted, HB 746 would result in the State Corporation Commission promulgating regulations to standardize how the effectiveness of energy programs is evaluated, ensuring a consistent approach across utilities. The bill mandates that electric utilities attain incremental annual energy savings, gradually increasing these percentages through to 2025, promoting a long-term commitment to energy efficiency throughout the region. Additionally, the bill is orchestrated to stimulate job creation and economic opportunities in the energy sector, especially by involving local community stakeholders in the development of programs.

Summary

House Bill 746 aims to enhance energy efficiency programs within the Commonwealth by mandating that all incumbent investor-owned electric utilities develop energy efficiency initiatives with specific savings targets. The bill sets forth requirements for energy saving measures that involve stakeholder participation to ensure that the programs are effectively designed to meet the community's needs while achieving significant energy savings. Notably, at least 15 percent of the proposed costs must be allocated to programs specifically designed to assist low-income, elderly, or disabled individuals, which highlights the bill's commitment to equity in energy assistance.

Sentiment

The sentiment around HB 746 appears largely positive among proponents who appreciate the focus on energy conservation and assistance for vulnerable populations. Advocates argue that the bill will lead to broader environmental benefits and reduced costs for utility customers in the long run. However, some concerns exist regarding the potential financial burden on utilities and whether the mandates will be feasible to implement without passing costs onto consumers. This reflects a common tension in energy policy between environmental goals and economic realities.

Contention

Key points of contention in the discussions surrounding HB 746 include the balance between aggressive energy-saving mandates and the financial implications for utility providers. Some legislators express concerns about the operational capacity of utilities to achieve the outlined targets without incurring excessive costs. Moreover, there are debates over the adequacy of support for low-income customers, questioning whether the allocated 15 percent of program costs will adequately address their energy needs. Consequently, there may be ongoing debates about refining the bill to better align energy climate goals with economic viability and consumer protection.