New report commissioned by Virginia AEE finds overall cost savings from decarbonizing Virginia’s electric grid over the next 25 years
RICHMOND, February 8, 2022 – Virginia Advanced Energy Economy (Virginia AEE) today released the findings of a new report that quantifies the costs and benefits of 2020’s Virginia Clean Economy Act (VCEA), and found the law will lead to a reduction of electric bills for the average Virginia household by $33.76 per year by 2030.
The ultimate savings come via the implementation of a variety of innovative technologies from the advanced energy industry, including energy efficiency, offshore wind, solar power, and battery storage, as well as from responsibly phasing out costly power plants. These technologies will be built and deployed over the coming years, and by 2030 will be saving the average Virginia household $2.81 per month.
“The Virginia Clean Economy Act makes financial sense for Virginia families because it phases in reliable, affordable technologies on Virginia’s energy grid in a balanced, cost-effective approach that will save households and businesses money over the coming decades,” says Harrison Godfrey, the Executive Director of Virginia AEE. “Virginians are already seeing the benefits of the investments from the advanced energy industry, from new offshore wind jobs in Hampton Roads to solar facilities in Southwest, and the VCEA will lead to continued investment in the state.”
Through the VCEA, Virginia’s electric grid will transition to 100% clean energy over the next 25 years by prioritizing reliable, low-cost energy sources and preserving the role of nuclear power in the state. The new analysis released today by Virginia AEE also identifies key factors that led the staff of the State Corporation Commission (SCC) to over-estimate the cost of the VCEA for Virginia households in their 2020 analysis. The cost analysis released today was conducted by 5 Lakes Consulting on behalf of Virginia AEE.
Separately, over 25 advanced energy businesses are calling on Senators and Delegates of the Virginia General Assembly to “stay the course” on policies passed last session that will lead to a cleaner energy future for the Commonwealth. In an open letter published in the Richmond Times-Dispatch on Friday, January 28, businesses from the advanced energy industry, which employs over 93,000 people across Virginia, expressed support for the VCEA, as well as the Regional Greenhouse Gas Initiative and Advanced Clean Cars standards.
A Fact Sheet about the findings is available here. You can learn more about Virginia AEE at VirginiaAdvancedEnergy.org.
About AEE and Virginia AEE
In Virginia, Advanced Energy Economy (AEE) operates as Virginia Advanced Energy Economy (Virginia AEE), a group of businesses that are making the energy we use secure, clean, and affordable. Virginia AEE seeks to drive the development of advanced energy to boost the state’s economy and competitiveness by working to remove policy barriers, identify market growth opportunities, encourage market-based policies, establish public and private partnerships, and serve as the voice for companies innovating in the advanced energy sector. Track industry news @AEEnet and @VA_AEE.