The bill proposes amendments to the General Laws in Chapter 39-26.4, which govern net metering, by introducing new definitions and provisions for various terms such as "community remote system," "eligible credit recipient," and "eligible system." It expands the definition of "community remote system" to include facilities that generate electricity using net-metering resources for low- or moderate-income housing or a minimum of three eligible credit-recipient customer accounts, with a distribution limit of 50% of the credits to one recipient and the remainder to others. The bill also sets a future effective date of July 1, 2060, for a provision related to eligible net-metering systems and includes insertions and deletions to clarify the entities eligible for net metering, such as the inclusion of multi-municipal collaboratives.

Furthermore, the bill outlines the policies for net metering, setting a maximum capacity for eligible systems at 10 MW and establishing a maximum aggregate capacity of 275 MWac for ground-mounted systems. It changes the date of passage to June 24, 2023, and replaces "MWac" with "MWAC." The bill details the calculation of renewable net-metering credits, with a reduction of 20% for projects after April 15, 2023, and excludes the distribution kilowatt-hour charge for certain systems starting January 1, 2050. It also mandates the Rhode Island office of energy resources to redesign the community solar remote net metering program to include commercial or industrial anchor tenants and low- and moderate-income residents, with a cap of 20 megawatts per year for two years. Lastly, the bill amends sections related to distributed-generation facilities, setting capacity limits and updating the definition of "core forest," with the act taking effect upon passage.