The bill proposes the complete repeal of Chapter 39-26.6, known as "The Renewable Energy Growth Program," which previously facilitated the development of renewable energy in Rhode Island. This repeal removes existing legal language related to the program's purpose, structure, and definitions, including provisions for a tariff-based financing program for renewable energy projects. The elimination of this framework indicates a significant shift in the state's renewable energy policy, potentially impacting the growth of distributed renewable energy generation systems.

In place of the repealed program, the bill introduces new sections that redefine the purpose of renewable energy initiatives and establish a distributed-generation board responsible for evaluating pricing, targets, and classifications for renewable energy projects. Key insertions include provisions for performance-based incentives, a structured enrollment process for solar projects, and compensation methods for project owners. The bill aims to streamline the governance of renewable energy projects while ensuring stable incentives for developers and investors. If enacted, the repeal will take effect on January 1, 2026.