SAVE Act Will Ensure Energy Savings and Greater Transparency in Virginia

April 18, 2024 /3BL/ - Ceres applauds Gov. Glenn Youngkin and the Virginia General Assembly for approving the SAVE Act, improving the process by which the Commonwealth and its utilities set and achieve energy efficiency targets.

The bipartisan legislation was finalized after the General Assembly approved an amendment from Gov. Youngkin. The SAVE Act originally passed through the House and Senate earlier this year with the support of major businesses in Virginia.

“Energy efficiency is critical to reducing strain on the electric grid, cutting pollution, and lowering utility costs for ratepayers, which is why the SAVE Act was a top priority for many major businesses in the Virginia,” said Mel Mackin, interim director of state policy, Ceres. “We are grateful to the General Assembly and Gov. Youngkin for passing and signing this legislation, which will ensure the Commonwealth is well-positioned to power the economic growth we all strive for as efficiently and effectively as possible.”

Businesses including Akamai Technologies, eBay, Holcim, IKEA Retail U.S., New Belgium Brewing, and Worthen Industries called for passage of the SAVE Act throughout the 2024 legislative session. In letters organized by Ceres, they called on the Assembly and Gov. Youngkin to finalize the legislation, noting that energy efficiency benefits both small and large ratepayers.

“Our businesses have made substantial investments associated with our commitment to a clean energy economy in Virginia, and we think the SAVE Act is an important step the state can take to ensure the continued growth of the clean energy economy in Virginia,” they wrote to the General Assembly in January. “The continued cost-savings associated with energy efficiency will allow businesses to make further investments in Virginia through expanded operations, additional sustainability commitments, and more.”

Ceres supported several other energy bills throughout the 2024 legislation session, including HB 862 and SB 729. HB 862, which Gov. Youngkin signed into law, expands grid-enhancing technologies in Virginia’s electric transmission buildout to increase electricity flow throughout existing grid infrastructure and allow for more efficient, affordable, reliable, and secure transmission of electricity across Virginia. SB 729 would have leveraged federal dollars to provide funding for the development and expansion of future clean energy projects across the Commonwealth, but Gov. Youngkin opted not to sign the bill and send it back to the General Assembly for consideration in 2025.

“We are pleased to see Virginia take some key steps toward ensuring businesses and residents benefit from a more efficient and affordable energy system. Still, there are important opportunities for further action to keep Virginia on track to meet its decarbonization goals. We look forward to continuing our work with Virginia businesses and policymakers to build upon the success we saw this session,” added Mackin. 

About Ceres 

Ceres is a nonprofit advocacy organization working to accelerate the transition to a cleaner, more just, and sustainable world. United under a shared vision, our powerful networks of investors and companies are proving sustainability is the bottom line – changing markets and sectors from the inside out. For more information, visit ceres.org.

Media Contact: Helen Booth-Tobin, [email protected]