Virginia Solar Resource Development Fund

DMME is currently developing criteria, guidelines, and requirements for loan interest to be charged thereon, the collateralization of loaned funds, the payment of fees and costs incurred by DMME in the making of loans, and such other matters as DMME deems appropriate to ensure the sound conduct of a revolving loan program. The Voluntary Solar Resource Development Fund is a revolving loan fund administered by the Virginia Department of Mines, Minerals and Energy (DMME). The Fund will be fueled primarily by donations from customers of investor-owned electric utilities, other citizens and groups. DMME is will begin issuing loans after July 1, 2012. Eligible projects include the acquisition, installation, and operation of eligible solar equipment at residences, structures operated by nonprofit organizations, or commercial establishments. The Code of Virginia defines the eligible devices as follows: "Photovoltaic device" means a device made in the United States that uses a solar photovoltaic process to generate electricity. "Solar space heating device" means a device made in the United States that, when installed in connection with a structure, uses solar energy for the purpose of heating the interior of the structure, which device moves the sun's heat from one or more collectors to interior areas through the use of a pump and piping or fans and ductwork, and a heat exchanger. "Solar space heating device" does not include a passive solar device. "Solar water heating device" means a device made in the United States that, when installed in connection with a structure, uses solar energy for the purpose of providing hot water for use within the structure.