VA HB1487

Expands the underground transmission line pilot program from two to four qualifying projects, with applications accepted between January 1, 2025, and July 1, 2033

Redefines qualifying projects as new 500 kilovolt transmission lines proposed for partial underground construction within one quarter mile of residential zones, replacing the previous 230 kilovolt threshold

Requires localities to pay at least 50% of the marginal cost difference between underground and overhead construction, with options including a new utility levy of up to $0.99 per month on residential customers

Allows localities to withdraw support within 30 days of Commission approval, which would remove the project from the pilot program

Extends the final report deadline from December 1, 2024, to December 1, 2034, with annual progress reports to the Commission on Electric Utility Regulation and the Governor