COVER_Cost Analysis Report of the Virginia Clean Economy ActNearly a year and half after the passage of the landmark 2020 Virginia Clean Economy Act (VCEA), Virginia communities and other stakeholders are interested in better understanding the anticipated economic impacts the law will have on the Commonwealth. This new analysis, conducted by 5 Lakes Consulting and commissioned by Virginia Advanced Energy Economy (Virginia AEE), quantifies the overall costs and benefits of the VCEA.

The report found that the law will cut electric bills by $33.76 annually by 2030 for the average Virginia household and breaks down the cost savings from the implementation via a variety of advanced energy technologies, including energy efficiency, offshore wind, solar power, and battery storage.

The analysis and accompanying factsheet quantify the savings of these technologies that will be built and deployed over the coming years, as well as from responsibly phasing out costly power plants. Additionally, the analysis identifies key factors that led the staff of the State Corporation Commission (SCC) to over-estimate the projected cost of the VCEA for Virginia households in their 2020 analysis.

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