This bill mandates that any funds deposited into the renewable energy fund, which exceed the costs of 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 to support various renewable energy initiatives, including thermal and electrical projects and offshore wind development. Instead, it specifies that these funds must be returned to ratepayers in a timely manner as determined by the Public Utilities Commission. Additionally, it allows for the use of all fund moneys, including those from class II, to administer the chapter, but requires 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 decrease revenue for the General Fund and the Renewable Energy Fund by between $1.5 million and $7.3 million in the upcoming fiscal years. The Department of Energy notes that the revenue from the renewable energy fund is variable and primarily comes from Alternative Compliance Payments (ACPs) made by electric distribution utilities. The bill's requirement to rebate excess funds to ratepayers could lead to a reduction in state, county, and local expenditures, although the exact impact on these entities is difficult to quantify. Overall, the bill aims to ensure that ratepayers benefit directly from the funds collected in the renewable energy fund, rather than those funds being allocated to other initiatives.

Statutes affected:
Introduced: 362-F:10