The A/C low-pressure valve (suction port) is a service connection point on the thick aluminum line running between the evaporator and the compressor. It contains a spring-loaded Schrader valve core that opens when a service coupler is attached. Technicians use this port to evac the system, check low-side pressure, or recharge the refrigerant.
This valve can slowly leak refrigerant if the internal seal dry-rots. The plastic cap is designed to act as a secondary seal. It is critical to keep the cap screwed on to prevent dirt from entering and jamming the valve open.