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 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 projected to decrease revenue to the General Fund and the Renewable Energy Fund by an indeterminable amount, with estimates ranging from $1.5 million to $6.3 million in the first two fiscal years. The bill's implementation could lead to a reduction in expenses for the state, counties, and local governments, although the exact impact on these entities is difficult to quantify. The Department of Energy notes that the revenue from the renewable energy fund is variable and depends on alternative compliance payments made by electric distribution utilities, which can fluctuate based on market conditions. Overall, the bill aims to ensure that ratepayers benefit directly from excess funds in the renewable energy fund rather than having those funds allocated to other initiatives.

Statutes affected:
Introduced: 362-F:10