The bill amends Section 39-26-4 of the General Laws in Chapter 39-26, which pertains to the Renewable Energy Standard in Rhode Island. It establishes a new schedule for obligated entities to obtain a specified percentage of their retail electricity sales from eligible renewable energy resources, starting from 3% in compliance year 2007 and escalating to 100% by 2043. Key changes include the deletion of previous percentage requirements for the years 2025 through 2032 and their replacement with new targets extending to 2043. The new schedule includes specific annual increases, such as 4% in 2023, 5% in 2024, and so forth, culminating in 9.5% in 2042.

Additionally, the bill outlines compliance mechanisms, including the use of NE-GIS certificates and alternative compliance payments to a renewable energy development fund. It specifies that retail electricity sales from nonregulated power producers with contracts executed before July 1, 2022, must meet an additional 1.5% requirement annually but are exempt from the new percentage requirements until their contract ends. The act is set to take effect upon passage, reflecting Rhode Island's commitment to transitioning to renewable energy sources.