This bill mandates that any funds deposited into the renewable energy fund, which exceed the costs associated with administration and incentive payments, be rebated to all retail electric ratepayers in the state on a per-kilowatt-hour basis. The bill amends RSA 362-F:10, I by removing the previous stipulation that these excess funds be used solely to support thermal and electrical renewable energy initiatives and offshore wind initiatives. Instead, it introduces new language that specifies these excess funds must be rebated to ratepayers in a timely manner as determined by the commission. Additionally, it allows for the use of all fund moneys, including those from class II, to administer the chapter, while requiring that any new employee positions be approved by the fiscal committee of the general court.

The fiscal impact of this bill is significant, as it is estimated to result in a decrease in revenue for the General Fund and the Renewable Energy Fund, ranging from $1.5 million to $6.3 million in the first two fiscal years following its passage. The bill's implementation could lead to a reduction in expenditures for state, county, and local governments, although the exact impact on these entities is expected to be less than $100,000. The Department of Energy notes that the amount rebated to ratepayers will depend on various factors, including the revenue generated from Alternative Compliance Payments (ACPs) and the department's annual expenditures on administrative costs and programs. Overall, the bill aims to ensure that ratepayers benefit directly from the funds collected in the renewable energy fund.

Statutes affected:
Introduced: 362-F:10
As Amended by the House: 362-F:10