The bill amends the General Laws in Chapter 39-26.4 entitled "Net Metering," introducing new definitions and updating existing ones to clarify terms such as "Community remote net-metering system," "Core forest," "Electric distribution company," "Eligible credit recipient," "Eligible net-metering resource," and "Eligible net-metering system." It changes the sizing requirements for eligible net-metering systems, removing the previous design and size limitations based on the user's average annual consumption. Instead, it allows these systems to self-supply electrical energy without such limitations and can be owned by the customer or a third party. The bill also specifies that certain entities, like public entities and nonprofits, are treated as having eligible net-metering systems.

The bill revises the definition of "Excess renewable net-metering credit," removing the previous cap of 125% and the valuation rate for excess credits. It introduces a tiered system for crediting energy produced beyond the customer's consumption, with different rates for energy produced between 100% and 110% of consumption and energy produced at or above 110%. The bill sets a maximum capacity for eligible net-metering systems at 10 MW, requires siting outside of core forests, and establishes aggregate capacity limits. It also allows electric distribution companies to estimate production from net-metering systems for billing purposes and mandates that these companies issue checks for excess net-metering credits upon request. The bill removes the limitation on payment for excess electricity and exempts certain customer accounts from back-up or standby rates. It requires the redesign of the community solar remote net metering program to include provisions for different types of tenants and sets a cap for this program. The act would take effect upon passage, aiming to credit consumers for excess energy and amend the definition of excess renewable net-metering credit.