VirginiaSB2252026 Regular SessionSenateWALLET

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

Sponsored By: Scott A. Surovell (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 HB 1444.

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Bill Overview

Analyzed Economic Effects

4 provisions identified: 1 benefits, 1 costs, 2 mixed.

Clean energy benefits prioritize disadvantaged communities

The Bank must plan so at least 40% of its activities' direct benefits reach historically economically disadvantaged communities. It must favor projects offering high-quality jobs and apprenticeships for local workers. Local workers must be Virginia residents who permanently live within 150 miles of the proposed project. The preference especially considers disadvantaged communities and communities hosting retired or retiring power plants. The Bank must also favor U.S.-made energy technologies that received the specified federal advanced-manufacturing tax credit. These rules do not promise individual payments or a set number of jobs.

Clean energy bank users face fees

The Bank must develop and run policies to collect reasonable fees for its services. The law does not set fee amounts or say which users must pay. Costs for applicants or other service users depend on the Bank's fee policies.

Homeowner energy loans carry lending safeguards

Bank loans to homeowners for projects on their own homes must follow applicable state and federal consumer lending laws. All participants in Bank-financed projects must meet the Bank's loan approval standards. The law sets no loan amounts or terms and does not change existing consumer lending laws.

Virginia clean energy financing with limits

The law creates the Virginia Clean Energy Innovation Bank within the Virginia Department of Energy. The Bank can use public grants, loans, credit support, and other financing to attract public and private investment and lower project costs. It must finance projects meeting the law's qualified-project definition in every Virginia region. Every financed project must reduce greenhouse gas emissions or add none. Projects involving coalbed methane gas or nuclear power together can receive no more than 15% of available Bank funds. An eight-member advisory board oversees the Bank and can make rules for it. Six Virginia citizen members serve staggered five-year terms, with two appointed by each legislative chamber's designated appointing authority and the Governor. The Director and the Virginia Economic Development Partnership Authority's chief executive, or their designees, hold the two remaining voting seats. Members may serve no more than two consecutive terms; filling an unfinished term does not count toward that limit. Citizen members receive no pay or expense reimbursement. The Bank must report prior-year fund use and supported efforts to the Governor and General Assembly annually. The report is due by the first day of each regular legislative session and must appear on the General Assembly's website.

Sponsors & Cosponsors

Sponsor

  • Scott A. Surovell

    Democratic • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 548 • No: 189

House vote • 4/22/2026

Governor's amendments nos. 4-8 agreed to

Yes: 64 • No: 33

Senate vote • 4/22/2026

Governor's recommendation Nos. 1, 2, and 3 passed by (Voice Vote)

Yes: 0 • No: 0

Senate vote • 4/22/2026

Senate concurred in Governor's recommendation Nos. 4, 5, 6, 7, and 8

Yes: 39 • No: 0

House vote • 3/14/2026

Conference report agreed to by House

Yes: 63 • No: 34

Senate vote • 3/13/2026

Conference report agreed to by Senate

Yes: 39 • No: 0

Senate vote • 3/12/2026

Senate acceded to request Block Vote

Yes: 40 • No: 0

Senate vote • 3/10/2026

House substitute rejected by Senate

Yes: 0 • No: 40

House vote • 3/9/2026

Passed House with substitute

Yes: 63 • No: 34

House vote • 3/9/2026

Passed House

Yes: 61 • No: 34

House vote • 3/4/2026

Reported from Appropriations

Yes: 15 • No: 7

House vote • 3/3/2026

Reported from Labor and Commerce with substitute and referred to Appropriations

Yes: 15 • No: 7

House vote • 2/19/2026

Referred from Health and Human Services and referred to Labor and Commerce (Voice Vote)

Yes: 0 • No: 0

Senate vote • 2/10/2026

Finance and Appropriations Substitute agreed to

Yes: 0 • No: 0

Senate vote • 2/10/2026

Read third time and passed Senate Block Vote

Yes: 40 • No: 0

Senate vote • 2/10/2026

Reading of amendment waived (Voice Vote)

Yes: 0 • No: 0

Senate vote • 2/10/2026

Constitutional reading dispensed Block Vote (on 3rd reading)

Yes: 40 • No: 0

Senate vote • 2/10/2026

Senator Surovell Amendment agreed to

Yes: 0 • No: 0

Senate vote • 2/9/2026

Constitutional reading dispensed Block Vote (on 1st reading)

Yes: 40 • No: 0

Senate vote • 2/9/2026

Passed by for the day Block Vote (Voice Vote)

Yes: 0 • No: 0

Senate vote • 2/5/2026

Reported from Finance and Appropriations with substitute

Yes: 15 • No: 0

Senate vote • 1/21/2026

Rereferred from General Laws and Technology to Finance and Appropriations

Yes: 14 • No: 0

Actions Timeline

  1. Acts of Assembly Chapter text (CHAP1126)

    5/14/2026Governor
  2. Approved by Governor-Chapter 1126 (effective 7/1/2026)

    5/14/2026Governor
  3. Governor's amendments nos. 4-8 agreed to (64-Y 33-N 0-A)

    4/22/2026House
  4. Governor's recommendation Nos. 1, 2, and 3 passed by (Voice Vote)

    4/22/2026Senate
  5. Senate concurred in Governor's recommendation Nos. 4, 5, 6, 7, and 8 (39-Y 0-N 0-A)

    4/22/2026Senate
  6. Reenrolled bill text (SB225ER2)

    4/22/2026Senate
  7. Reenrolled

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

    4/22/2026Governor
  9. Communicated to Governor

    4/22/2026Senate
  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 Senate

    4/13/2026Governor
  14. Fiscal Impact Statement from Department of Planning and Budget (SB225)

    4/7/2026Senate
  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

    3/31/2026Senate
  17. Signed by Speaker

    3/31/2026House
  18. Bill text as passed Senate and House (SB225ER)

    3/30/2026Senate
  19. Enrolled

    3/30/2026Senate
  20. Signed by President

    3/30/2026Senate
  21. Conference report agreed to by House (63-Y 34-N 0-A)

    3/14/2026House
  22. Conference report agreed to by Senate (39-Y 0-N 0-A)

    3/13/2026Senate
  23. Conference Report released

    3/13/2026
  24. House Conferees: Lopez, Herring, Bloxom

    3/12/2026House
  25. Conferees appointed by House

    3/12/2026House

Bill Text

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