The bill amends Section 39-26-4 of the General Laws concerning the Renewable Energy Standard in Rhode Island. It establishes a schedule for obligated entities to obtain a progressively increasing percentage of their retail electricity sales from eligible renewable energy resources, starting with six percent (6%) in 2036 and escalating to a target of one hundred percent (100%) by 2044. Key changes include the replacement of specific percentage requirements for the years 2025 through 2033 with new targets extending to 2044, thereby extending the timeline for achieving full renewable energy compliance.

The new schedule includes: seven percent (7%) in 2037 and 2038; seven and one-half percent (7.5%) in 2039; eight percent (8%) in 2040; eight and one-half percent (8.5%) in 2041; nine percent (9%) in 2042; and nine and one-half percent (9.5%) in 2043. The act aims to ensure that one hundred percent (100%) of Rhode Island's electricity demand is met by renewable energy by 2044 and each year thereafter.

Additionally, the bill specifies that the maximum amount of retail electricity sales derived from existing renewable energy resources shall not exceed two percent (2%) of total sales for each obligated entity. It also allows municipalities to include voluntary renewable energy products in their aggregation plans and mandates an assessment in 2024 to evaluate the impact of such allowances. The act will take effect upon passage, reinforcing Rhode Island's commitment to increasing its reliance on renewable energy sources.

Statutes affected:
7611: 39-26-4