Item 265 (H) directs the Department of the Treasury to review the current Virginia Energy Leasing Program (“VELP") to determine its effectiveness in promoting and financing energy efficiency improvements in state agencies. The report is required to include: (i) an historical review of projects financed through the program including projected and actual energy savings, operational savings, and facility performance improvements associated with financed projects; (ii) project payback periods and cost-effectiveness metrics; (iii) as part of its review, Treasury is required to consider alternative financing arrangements that may further facilitate and encourage state agencies to pursue energy efficiency projects; (iv) any recommendations for improving program efficiency and participation. The report must be submitted by October 1, 2026, to the Governor and the Chairs of the House Appropriations and Senate Finance and Appropriations Committees.