News: Gov. McAuliffe announces new program to improve energy efficiency in Virginia

Governor Terry McAuliffe announced the launch of the Commonwealth’s first Green Community Program on Wednesday.

VirginiaSAVES is a loan program created to lower financing costs for energy efficiency, renewable energy generation and alternative fuel projects. The financing tool will be available to local government, institutional and commercial and industrial entities in the Commonwealth.

VirginiaSAVES (which stands for Sustainable and Verifiable Energy Savings) will be funded through $20 million in federally-allocated Qualified Energy Conservation Bonds (QECBs). The QECBs were allocated to Virginia in 2010 by the Federal Department of Energy and re-authorized for use by Governor McAuliffe in 2014 under Executive Order 36. As the program grows, additional funding may be added as needed, officials said.

Read the full story. (WRIC)