The bill proposes the complete repeal of Chapter 39-26.6, known as "The Renewable Energy Growth Program," which currently outlines the state's framework for promoting renewable energy generation. This repeal removes existing legal language that details the program's purpose, structure, and definitions, including provisions aimed at meeting climate goals and supporting renewable energy installations.

In its place, the bill introduces new sections that establish a revised framework for the renewable energy growth program, including a clear purpose and the creation of a distributed-generation board to oversee implementation. Key insertions include provisions for the permanence of tariff terms, annual bidding processes, and the clarification that power purchase agreements are not required for renewable energy procurement.

Additionally, the bill introduces new provisions regarding performance incentives for small-scale and medium-scale solar projects, establishing an enrollment program and allowing for higher performance incentives for smaller projects. It outlines compensation methods for distributed-generation projects, allowing owners to choose between direct payments or a combination of payments and bill credits, with specific provisions for residential small-scale solar projects.

The bill also addresses the ownership of renewable energy certificates, introduces rules for shared solar facilities, and removes limitations on community remote distributed-generation systems. Overall, the legislation aims to streamline and enhance the support for renewable energy projects while ensuring equitable compensation and benefits for stakeholders. The bill is set to take effect on January 1, 2027.