The bill amends sections 39-26.4-2 and 39-26.4-3 of the General Laws in Chapter 39-26.4, titled "Net Metering," to introduce new definitions and clarify existing terms related to net metering systems. A significant addition is the definition of "community remote net-metering system," which allows for the allocation of net-metering credits to low- or moderate-income housing and other eligible recipients, ensuring that no more than 50% of the credits are allocated to a single recipient. The bill also specifies criteria for "core forest" and outlines eligible credit recipients, including residential accounts, educational institutions, and commercial customers. Additionally, it modifies the definition of "eligible net-metering system" by removing the requirement that the system must produce electricity equal to or less than the renewable self-generator's usage, thus broadening the ownership and financing arrangements for these systems.

Moreover, the bill removes the previous cap on excess renewable net-metering credits, allowing for a more flexible approach to crediting excess energy production. It introduces a maximum capacity for eligible net-metering systems at ten megawatts (10 MW) and sets a cap of two hundred seventy-five megawatts (275 MWac) for remote net metering systems, with specific conditions for development in core forest areas. The bill also allows electric distribution companies to estimate production and consumption for net-metered accounts over a twelve-month period to stabilize billing. Furthermore, it mandates that the Rhode Island office of energy resources redesign the community solar remote net metering program to ensure at least 50% of the project benefits low- and moderate-income residents. Overall, these changes aim to enhance the efficiency and accessibility of renewable energy generation through net metering while ensuring clear regulations.