Richmond, Va.-based Dominion Virginia Power has received approval from the Virginia State Corporation Commission to offer its customers two new options to purchase renewable energy.
Renewable energy can be derived from sunlight, wind, falling water, sustainable biomass, waste, wave motion, tides and geothermal power.
The new program provides two ways for residential and business customers to purchase renewable energy through their monthly bills beginning in January. Under both options, Dominion will purchase renewable energy credits (RECs) from producers of renewable energy in an amount equivalent to the customer participation level.
The first option enables customers to specify that RECs will be purchased in an amount equal to all of the electricity they use. Payment is calculated based on the customer's monthly electrical usage and current market prices for renewable energy, and is included in the monthly bill.
With the second option, customers can specify that a certain amount of RECs (in $2 increments) be purchased, with the cost added to their monthly bills. The amount of renewable energy actually purchased depends on the dollar amount specified by the customer and on current market prices for renewable energy.
Dominion will announce the price of the renewable energy before the program's launch and will hold the price constant for at least the program's first year. Dominion will make periodic reports to customers on the type and total amount of renewable energy purchased through the program.
The energy sold through this program will be verified and tracked by independent organizations to ensure that it meets rigorous environmental and consumer protection standards.
SOURCE: Dominion Virginia Power