The bill amends Section 39-26.4-2 of the General Laws in Chapter 39-26.4, titled "Net Metering," to modify the definition of "excess renewable net-metering credit." The bill specifies that this credit shall be equal to the wholesale rate and not the electric distribution company's avoided cost rate, which is defined as the electric distribution company's last resort service kilowatt hour charge for the rate class and time-of-use billing period, if applicable.

Additionally, the bill clarifies that a third party involved in financing arrangements for net-metering systems with public or private entities is not classified as a public utility, as defined in 39-1-2. The act is set to take effect immediately upon passage, facilitating the implementation of these changes to the net-metering framework in Rhode Island.

Statutes affected:
890: 39-26.4-2