This bill makes several amendments to the existing net metering laws. It adds new definitions for "Community remote system" and "Core forest" and amends the definition of "Electric distribution company" to include Block Island Power Company and Pascoag Utility District. The bill also adds new definitions for "Eligible credit recipient," "Eligible resource," and "Eligible system." It specifies that eligible systems are facilities generating electricity using eligible net-metering resources that are reasonably designed and sized to produce electricity for the customer's usage. The bill also includes provisions for third-party net-metering financing arrangements and specifies that certain types of facilities owned by public entities, educational institutions, hospitals, nonprofits, and multi-municipal collaboratives are considered eligible net-metering systems.

This bill also amends the definition of "eligible net-metering system" to clarify that the purpose of the definition is to ensure that energy generated by the system is consumed by net-metered electric service accounts that are located in the same geographical location as the system. It adds a definition for "excess renewable credit" and specifies that the credit applies to an eligible net-metering system for the portion of energy production beyond 100% of the system's own consumption. The bill also adds definitions for various entities and systems involved in net-metering and establishes policies regarding the maximum allowable capacity for these systems, the removal of core forests for system development, and the aggregate amount of net metering in certain utility districts. It also allows for the estimation of production and consumption for net-metered accounts over a twelve-month period and the reconciliation of payments and credits at the end of that period.