VirginiaHB14442026 Regular SessionHouseWALLET

Virginia Clean Energy Innovation Bank; created, report, membership.

Sponsored By: Alfonso H. Lopez (Democratic)

Signed by Governor

Summary

Virginia Clean Energy Innovation Bank; established; report. Creates the Virginia Clean Energy Innovation Bank to finance clean energy projects, greenhouse gas emissions reduction projects, and other qualified projects through the strategic deployment of public funds in the form of grants, loans, credit enhancements, and other financing mechanisms. An advisory board consisting of nonlegislative citizen members and ex officio members shall oversee the Bank and provide recommendations related to the Bank and its effectiveness. The bill contains provisions for (i) the powers and duties of the Bank, (ii) lending practices, (iii) a strategic plan, (iv) an investment strategy, (v) public outreach requirements, (vi) audits, and (vii) reporting requirements. This bill is identical to SB 225.

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Bill Overview

Analyzed Economic Effects

4 provisions identified: 2 benefits, 0 costs, 2 mixed.

Disadvantaged communities get a minimum benefit share

The Bank must plan so historically economically disadvantaged communities receive at least 40% of its activities’ direct benefits. This requirement covers direct benefits, not necessarily 40% of spending. The law does not explain how those benefits are measured or set individual household amounts.

Virginia creates clean energy financing with limits

The law creates the Virginia Clean Energy Innovation Bank within the Department to help fund qualified projects across every Virginia region. It offers grants, loans, credit support, and other financing to lower upfront and total costs, especially in low-income communities. Projects must meet the law’s qualification standards, such as substantially cutting emissions or saving energy without reducing service. Every funded project must reduce or not add to greenhouse gas emissions. Coalbed methane gas and nuclear power projects together can receive no more than 15% of available Bank funds. The Bank must seek to maximize private investment and match financing terms to project needs. It coordinates with public, private, utility, and government programs, including federal energy loans under the Inflation Reduction Act of 2022. It can spend startup money before adopting its required strategic plan and investment strategy. Contracts must treat work by outside administrators, contractors, and subcontractors within their assigned duties as actions of the Bank. The Bank must report annually to the Governor and General Assembly by the first day of each regular legislative session. The report must describe its work and the prior year’s use of funds, follow legislative reporting procedures, and appear on the General Assembly’s website. The supplied provisions do not set a funding amount or household payment.

Local workers gain clean energy project preference

The Bank must favor projects that maximize quality jobs and apprenticeships for local workers, consistent with the public interest. Local workers are Virginia residents who permanently live within 150 miles of the proposed project. The Bank must pay special attention to disadvantaged communities and communities with retired or retiring power plants. It must also favor domestically made energy technologies that received the federal Section 45X advanced manufacturing tax credit. These preferences do not guarantee jobs or create a new household tax credit.

Homeowner loans carry protections and lending requirements

All participants in Bank-financed projects must meet the Bank’s financial approval standards. Bank loans to homeowners for projects on their own homes must follow applicable state and federal consumer lending laws. The supplied provision does not set specific approval standards, loan amounts, interest rates, or repayment terms.

Sponsors & Cosponsors

Sponsor

  • Alfonso H. Lopez

    Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 376 • No: 123

Senate vote • 4/22/2026

Governor's recommendation nos 1 - 3 passed by (Voice Vote)

Yes: 0 • No: 0

Senate vote • 4/22/2026

Senate concurred in Governor's recommendation nos 4 - 8

Yes: 39 • No: 0

House vote • 4/22/2026

House concurred in Governor's recommendation

Yes: 65 • No: 34

House vote • 3/11/2026

Senate substitute agreed to by House

Yes: 64 • No: 35

Senate vote • 3/10/2026

Commerce and Labor Substitute agreed to

Yes: 0 • No: 0

Senate vote • 3/10/2026

Passed Senate with substitute

Yes: 40 • No: 0

Senate vote • 3/9/2026

Constitutional reading dispensed Block Vote (on 2nd reading)

Yes: 40 • No: 0

Senate vote • 3/9/2026

Passed by for the day Block Vote (Voice Vote)

Yes: 0 • No: 0

Senate vote • 3/6/2026

Reported from Finance and Appropriations

Yes: 14 • No: 0

Senate vote • 3/2/2026

Reported from Commerce and Labor with substitute and rereferred to Finance and Appropriations

Yes: 12 • No: 1

House vote • 2/17/2026

Read third time and passed House

Yes: 61 • No: 34

House vote • 2/11/2026

Subcommittee recommends reporting with amendment(s)

Yes: 5 • No: 2

House vote • 2/11/2026

Reported from Appropriations with amendment(s)

Yes: 15 • No: 7

House vote • 2/3/2026

Reported from Labor and Commerce and referred to Appropriations

Yes: 15 • No: 7

House vote • 1/29/2026

Subcommittee recommends reporting and referring to Appropriations

Yes: 6 • No: 3

Actions Timeline

  1. Acts of Assembly Chapter text (CHAP1125)

    5/14/2026Governor
  2. Approved by Governor-Chapter 1125 (effective 7/1/2026)

    5/14/2026Governor
  3. Governor's recommendation nos 1 - 3 passed by (Voice Vote)

    4/22/2026Senate
  4. Senate concurred in Governor's recommendation nos 4 - 8 (39-Y 0-N 0-A)

    4/22/2026Senate
  5. House concurred in Governor's recommendation (65-Y 34-N 0-A)

    4/22/2026House
  6. Reenrolled bill text (HB1444ER2)

    4/22/2026House
  7. Reenrolled

    4/22/2026House
  8. Governor's Action Deadline 11:59 p.m., May 23, 2026

    4/22/2026Governor
  9. Communicated to Governor

    4/22/2026House
  10. Signed by President

    4/22/2026Senate
  11. Signed by Speaker

    4/22/2026House
  12. Governor's recommendation adopted

    4/22/2026Governor
  13. Governor's recommendation received by House

    4/13/2026Governor
  14. Fiscal Impact Statement from Department of Planning and Budget (HB1444)

    4/6/2026House
  15. Governor's Action Deadline 11:59 p.m., April 13, 2026

    3/31/2026Governor
  16. Enrolled Bill communicated to Governor on March 31, 2026

    3/31/2026House
  17. Signed by Speaker

    3/31/2026House
  18. Bill text as passed House and Senate (HB1444ER)

    3/30/2026House
  19. Enrolled

    3/30/2026House
  20. Signed by President

    3/30/2026Senate
  21. Fiscal Impact Statement from Department of Planning and Budget (HB1444)

    3/11/2026House
  22. Senate substitute agreed to by House (64-Y 35-N 0-A)

    3/11/2026House
  23. Passed Senate with substitute (40-Y 0-N 0-A)

    3/10/2026Senate
  24. Commerce and Labor Substitute agreed to

    3/10/2026Senate
  25. Engrossed by Senate - committee substitute

    3/10/2026Senate

Bill Text

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