Virginia Regulators Approve Dominion Energy's New Solar Projects

What You Need To Know

Virginia utility regulators have given the green light to Dominion Energy Inc's (NYSE: D) new solar projects, boosting the company's clean energy portfolio. The approved projects include 329 MW of solar facilities owned or acquired by Dominion and power purchase agreements for independently owned projects delivering 435 MW in capacity.

Once completed, Dominion's solar projects in Virginia will total over 4,600 MW, which is enough to power more than 1.1 million homes at peak output. The utility expects the projects to be operational by 2026, pending necessary permits. Dominion proposed these projects to take advantage of federal clean energy incentives provided by the Inflation Reduction Act, which offers significant tax credits and direct payments for clean energy resources.

Why This Is Important for Retail Investors

1. Market Opportunities: The approval of Dominion Energy's new solar projects in Virginia presents retail investors with an opportunity to invest in the expanding clean energy sector. With the increasing demand for renewable energy, these projects demonstrate the potential for growth and returns in this market.

2. Diversification: Investing in Dominion Energy's solar projects allows retail investors to diversify their investment portfolios. By adding exposure to the clean energy sector, investors can reduce their reliance on traditional energy sources and potentially benefit from a more sustainable and environmentally-friendly investment.

3. Long-Term Growth Potential: Dominion Energy's significant expansion of its solar portfolio in Virginia indicates a commitment to renewable energy and the potential for long-term growth in this sector. Retail investors can take advantage of this growth potential by investing in projects expected to be operational by 2026.

4. Government Incentives: The approval of these solar projects is fueled by federal clean energy incentives, such as tax credits and direct payments, provided by the Inflation Reduction Act. Retail investors can take advantage of these incentives by investing in projects that are eligible for these benefits.

5. Positive Impact: Investing in renewable energy projects aligns with the increasing focus on sustainability and environmental responsibility. Retail investors can contribute to a cleaner and greener future by directing their investments towards companies like Dominion Energy that are actively expanding their clean energy portfolio. This not only offers financial benefits but also allows investors to positively impact the environment.

How Can You Use This Information?

Here are some of the investing ideas that can be explored using this information:

Growth Investing

Dominion Energy's approval of new solar projects in Virginia suggests potential for long-term growth in the clean energy sector, making it an attractive option for growth-focused investors.

Growth investing focuses on stocks of companies expected to grow at an above-average rate compared to other stocks in the market; learn more in our article titled 'What is Growth Investing?'.

Dividend Investing

Dominion Energy has a track record of paying dividends and the expansion of its solar portfolio could generate additional income for dividend-seeking investors.

Dividend investing targets companies that regularly distribute a portion of their earnings to shareholders as dividends.

Ethical Investing

Investing in Dominion Energy's renewable energy projects aligns with ethical investing principles, allowing investors to support sustainable and environmentally-friendly initiatives.

Ethical investing prioritizes a company's social and environmental impact, aligning investments with the investor's personal values.

Diversification

Adding Dominion Energy's solar projects to an investment portfolio can provide diversification by including exposure to the clean energy sector alongside traditional investments.

Diversification spreads investments across various assets to reduce risk and volatility in a portfolio.

Thematic Investing

Dominion Energy's expansion of its clean energy portfolio presents an opportunity for thematic investors to focus on the theme of renewable energy and capitalize on the growth potential within this specific sector.

Thematic Investing selects assets based on projected trends or themes believed to offer growth opportunities.

Read What Others Are Saying

FT: New solar projects approved for Dominion Energy Virginia customers

Yahoo: Virginia regulators approve Dominion Energy solar projects

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Popular ETFs

Some investors prefer to invest in stocks via an exchange-traded fund for ease and reduced risk. Some popular ETFs include the following:

• Invesco Solar ETF (TAN): Targets the solar energy industry, investing in companies involved in solar technology and production.

• Utilities Select Sector SPDR Fund (XLU): Focuses on utility companies, including those integrating solar energy into their energy mix.

• iShares Global Clean Energy ETF (ICLN): Offers exposure to global companies in the clean energy sector, including solar power.