The bill amends Chapter 39-26.4 of the General Laws, titled "Net Metering," to redefine the term "eligible net-metering system" by removing the requirement for a three-year average annual energy consumption at the electric distribution account(s) located at the eligible net-metering system site. It allows property owners with eligible net-metering systems that have a master meter to allocate excess net-metering credits to any meter on the property, including those in the property owner's name or where the owner is listed as the customer of record.

The bill introduces key definitions, including specifications for systems with a nameplate capacity in excess of twenty-five kilowatts (25 kW), which must be reasonably designed and sized to produce electricity annually. For systems with a nameplate capacity equal to or less than twenty-five kilowatts (25 kW), eligibility shall not be restricted based on prior consumption. It also revises the treatment of excess renewable net-metering credits, stating that for electrical energy produced greater than 100% of the renewable self-generator's own consumption, excess credits shall be equal to the wholesale electricity rate, defined as the ISO-New England energy clearing price.

Additionally, the bill limits excess renewable net-metering credits for systems with a nameplate capacity in excess of twenty-five kilowatts (25 kW) to an additional twenty-five percent (25%) beyond the net consumption. It provides customers the option to cash out any credit balance remaining after the annual reconciliation of renewable net-metering credits, with specific conditions for the cash-out amount.

The bill extends the exclusion of distribution kilowatt-hour charges for remote public entity and multi-municipal collaborative net-metering systems until January 1, 2060. Overall, these changes aim to enhance the efficiency of renewable energy systems while ensuring equitable access for various community members. The act would take effect upon passage.