The bill establishes a "Community Power Storage Program" aimed at allowing customers of electric public utilities to participate in energy storage projects that are located remotely but within their utility service territory. This participation will enable customers to receive credits on their utility bills that are equal to or greater than the electricity discharged to the electric distribution and transmission system as a result of their involvement in these projects. The Board of Public Utilities (BPU) is tasked with adopting rules and regulations to implement the program within 210 days of the bill's enactment, which includes setting capacity limits, registration goals, geographic priorities, and ensuring access for low- and moderate-income customers.

Additionally, the BPU will provide information on energy storage projects seeking participants on its website and establish standards and an application process for project owners wishing to join the program. The bill also allows electric public utilities to recover all costs associated with the implementation and compliance of the program, subject to BPU review. An annual report on the program's effectiveness will be submitted to the Governor and the Legislature, with recommendations for potential amendments or extensions.