The bill amends Chapter 39-26.4 entitled "Net Metering" to enhance the development of renewable energy systems in Rhode Island. It introduces new definitions, such as "Community remote net-metering system" and "Core forest," and expands the list of eligible credit recipients to include commercial or industrial customers. The bill specifies criteria for community remote net-metering systems, including credit allocation and ownership, and modifies the definitions of eligible net-metering resources and systems. It also deletes previous restrictions on ownership of net-metering resources by certain entities and changes the term "standard-offer" to "last resort" in calculating renewable net-metering credits.

Additionally, the bill sets a future effective date for the definition of an eligible net metering system and modifies the definition of an "eligible net-metering system site." It introduces the term "Preferred site" for locations ideal for renewable energy systems and outlines the reduction in renewable net-metering credit for projects after a certain date, subject to a capacity limit. The bill sets maximum capacities for eligible net-metering systems and addresses the aggregate amount of net metering in utility districts. It also provides for the electric distribution company's billing options for net-metering customers and deletes provisions related to the commission's authority to modify the aggregate amount of net metering. The bill mandates the redesign of the community solar remote net metering program to include commercial or industrial anchor tenants and LMI residents, with a cap on the program's capacity. It also amends sections of Chapter 39-26.6 to reflect new purposes and definitions, emphasizing the state's climate and resilience goals and providing flexibility in setting ceiling prices for renewable energy projects.