The bill amends Section 39-26.4-2 of the General Laws in Chapter 39-26.4, titled "Net Metering," to introduce new definitions and regulations regarding community remote net-metering systems and eligible credit recipients. Key insertions include the definition of a "community remote net-metering system," which allows for the allocation of net-metering credits to low- or moderate-income housing and other eligible accounts, ensuring that no more than 50% of the credits are allocated to a single recipient. The bill also defines terms such as "core forest," "electric distribution company," and "eligible credit recipient," which includes various stakeholders like residential accounts, educational institutions, and commercial customers. Additionally, it specifies that eligible net-metering systems must produce electricity equal to or less than the annual consumption of associated accounts and allows for third-party ownership and financing arrangements.

Moreover, the bill revises how excess renewable net-metering credits are calculated, changing the basis from the electric distribution company’s avoided cost to the wholesale rate applicable to the customer of record. It introduces a provision that reduces the renewable net-metering credit by 20% for projects initiated after April 15, 2023, with a cap of 275 megawatts alternating current (MWac). The bill also clarifies that all energy generated from eligible net-metering systems is considered consumed at the meter where the renewable energy resource is interconnected, and it establishes that net-metered accounts must belong to the same customer of record, with exceptions for public entities and collaborative arrangements. Overall, these amendments aim to enhance the clarity and functionality of net metering regulations while promoting renewable energy generation.