The bill proposes the complete repeal of Chapter 39-26.6, known as "The Renewable Energy Growth Program." In its place, the bill introduces new sections that establish a revised renewable energy growth program aimed at continuing the development of distributed generation in a cost-effective manner.

Key provisions include the establishment of a new section outlining the purpose of the program, which is to enable the state to meet its climate and resilience goals. The bill establishes a distributed-generation board responsible for evaluating and making recommendations regarding ceiling prices, annual targets, and classifications of renewable energy projects, while ensuring public accountability and stakeholder involvement.

The bill outlines new provisions for performance-based incentives and tariffs for renewable distributed-generation projects, particularly solar technologies. It establishes a framework for electric distribution companies to propose tariffs, categorizing solar projects by size and prohibiting segmentation to prevent manipulation of project classifications.

Additionally, the legislation introduces compensation methods for owners of small-scale solar projects, clarifying their options and ensuring fair compensation without duplication. The bill also includes provisions for annual bidding and enrollments, cost reconciliation, and the coordination of energy-efficiency programs with renewable energy projects.

Overall, the bill aims to streamline the renewable energy project process while protecting the interests of ratepayers and stakeholders. The act is set to take effect on January 1, 2026.