In April 2014, Virginia took a significant step towards supporting renewable energy adoption among small businesses and nonprofit organizations with the passage of House Bill 864. This legislation specifically mandated that the Virginia Small Business Financing Authority (VSBFA) extend financial assistance for the development of wind and solar energy projects within this sector. This initiative was aimed at fostering a more sustainable and environmentally friendly business landscape in Virginia by making renewable energy technologies more accessible and financially feasible for small enterprises and nonprofit entities.
The mandate underscores the state’s commitment to renewable energy and its recognition of the crucial role small businesses and nonprofits play in the state’s economy and environmental health. By providing targeted financing options, the bill aimed to overcome one of the primary barriers to renewable energy adoption—the upfront cost of solar photovoltaic and wind energy installations. This move not only aids in the transition towards a greener economy but also supports the growth and sustainability of small businesses and nonprofits in Virginia, enabling them to contribute positively to the state’s renewable energy goals and reduce their carbon footprint.
