Virginia

Home > SREC Markets > Virginia

Virginia established the Virginia Clean Economy Act (VCEA) in 2020, creating mandatory RPS standards for its two investor-owned utility companies (Appalachian Power Company and Dominion Energy). These standards were further strengthened through legislative updates in 2025. Under VCEA and its amendments, the utility companies are required to gradually increase their renewable energy supply until reaching 100% of the electricity supply by 2050.

A key component of the VCEA is that 1% of the RPS compliance for Dominion Energy’s obligation must come from in-state distributed renewable sources, including solar, under 1MW. The VCEA also established a relatively high SACP for this carve-out. The 1% requirement creates a relatively small SREC market for Virginia-sited systems, which is easily met by the state's solar capacity, resulting in modest SREC prices.

In addition to the distributed generation carve-out, solar-generated RECs may participate in the broader VA RPS requirement which is open to renewable energy generation across the PJM territory. Beginning in 2025, 75% of the RECs for Dominion Energy’s RPS requirement must be generated from Virginia-sited facilities, putting a premium on in-state REC generation.

Markets for VA systems

VA SREC and VA REC

Tracking Registry

GATS

Energy Year

Jan - Dec

Eligible System Locations for VA for SRECs

VA

Eligible System Locations for VA RECs

PJM Territory (PA, DE, MD, NJ, OH, VA, WV, and DC as well as portions of IL, IN, KY, MI, NC, and TN – see map), however 75% of the RECs for Dominion Energy must be VA-sited.

Market Prices

VA

Latest Bid Price:

This graph is protected by copyright laws and contains material proprietary to Xpansiv Limited and/or its affiliates. All bid pricing and notes included are indicative and subject to change. Please contact us for most current markets. If a market is not quoted herein, please contact us directly for further information. Usage policy Get more data.

Solar Requirement

SRECS qualify under the distributed generation carve-out (i.e. for renewable energy systems less than 1MW in size) which is fixed at 1% of the total electric energy under the RPS.

The comprehensive RPS (include all renewable energy source, regardless of size) escalates until it reaches 100% by 2050 (see table below).

Eligibility Start Date

A system's eligibility start date goes back to the system's interconnection up to five years. For example, a system operational in November 2020 that did not submit its application until February 2025 would receive credit from January 1, 2021 onward.

SACP

The Solar Alternative Compliance Payment (SACP) is the penalty price that electricity suppliers must pay per SREC if they fail to file the required number of Distributed Generation RECs by the end of each compliance period. The VA SACP is set at $75 in 2021 and increases by 1% annually thereafter.

The ACP for the RPS is set at $45 in 2021 and increases by 1% annually thereafter

SREC Useful Life

The useful life of an VA SREC is 5 years (i.e., the year it was generated and the following four years).

Market Requirements

The Virginia RPS I market requirements as currently set by state legislation:

Year	Distributed Generation Requirement (Dominion Energy)	SACP	RPS Requirement (Appalachian Power Company)	RPS Requirement (Dominion Energy)	ACP
2021	1%	$75.00	6%	14%	$45.00
2022	1%	$75.75	7%	17%	$45.45
2023	1%	$76.51	8%	20%	$45.90
2024	1%	$77.27	10%	23%	$46.36
2025	1%	$78.05	14%	26%	$46.83
2026	1%	$78.83	17%	29%	$47.30
2027	1%	$79.61	20%	32%	$47.77
2028	1%	$80.41	24%	35%	$48.25
2029	1%	$81.21	27%	38%	$48.73
2030	1%	$82.03	30%	41%	$49.22
2031	1%	$82.85	33%	45%	$49.71
2032	1%	$83.68	36%	49%	$50.21
2033	1%	$84.51	39%	52%	$50.71
2034	1%	$85.36	42%	55%	$51.21
2035	1%	$86.21	45%	59%	$51.73
2036	1%	$87.07	53%	63%	$52.24
2037	1%	$87.94	53%	67%	$52.77
2038	1%	$88.82	57%	71%	$53.29
2039	1%	$89.71	61%	75%	$53.83
2040	1%	$90.61	65%	79%	$54.36
2041	1%	$91.51	68%	83%	$54.91
2042	1%	$92.43	71%	87%	$55.46
2043	1%	$93.35	74%	91%	$56.01
2044	1%	$94.29	77%	95%	$56.57
2045	1%	$95.23	80%	100%	$57.14
2046	1%	$96.18	84%	100%	$57.71
2047	1%	$97.14	88%	100%	$58.29
2048	1%	$98.12	92%	100%	$58.87
2049	1%	$99.10	96%	100%	$59.46
2050 and thereafter	1%	$100.09	100%	100%	$60.05

Market resources

Latest state news

No recent blog posts for this state

Start trading SRECs today

Manage your SREC portfolio the smart way with SRECTrade's market leading software

Simplicity

Manage your facility and SREC portfolio online with full transparency and control over when and how your SRECs are sold.

Transparency

We don't lock you into a contract to use our service and we don't take a principal position with your SRECs, so you can rest assured we're always targeting the best prices for you.

Opportunity

With over 1847 MW of solar facilities under management, we're able to access more transaction opportunities for our clients.

Sign up now

Next Steps

Legal