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 inserting language that specifies these excess funds must be rebated in a timely manner as determined by the Public Utilities Commission. Additionally, it removes previous provisions that allocated these funds to support thermal and electrical renewable energy initiatives and the office of offshore wind industry development and energy innovation, indicating a shift in focus towards direct rebates to ratepayers.

The fiscal impact of this bill is projected to be minimal, with no new funding or positions authorized. The Department of Energy anticipates that the amount rebated to ratepayers will vary based on the revenue generated from Alternative Compliance Payments (ACPs) and the department's administrative costs. While the bill does not specify a timeline for when rebates will occur, it is expected that any fiscal impacts will be realized after FY 2025. The bill also raises questions about the future funding of the office of offshore wind industry development, as it appears to remove its funding source, potentially leading to a decrease in state expenditures.

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