The bill amends various sections of the General Laws in Rhode Island to enhance renewable energy standards and net metering. It establishes a new "Renewable Energy Development Fund" within the Rhode Island Commerce Corporation, which will enter into agreements to support renewable energy development. The fund aims to stimulate investment in renewable energy, provide technical assistance to municipalities, and cover administrative costs.

The bill introduces long-term contracts for renewable energy resources, requiring electric distribution companies to offer contracts to system owners/operators for a duration of thirty (30) years. These contracts will guarantee the delivery of net metering credits valued at nineteen cents ($0.19) per kilowatt hour, with an annual escalation of two and three quarters percent (2.75%). Additionally, the bill specifies that the credit will be reduced by thirty percent (30%) after the twenty-fifth year of the contract and will further reduce to the wholesale rate upon expiration.

The bill revises net metering regulations, particularly for community remote net-metering systems, by specifying eligibility criteria for credit recipients, including low- or moderate-income housing and educational institutions. It sets a maximum allowable capacity for eligible net-metering systems at two hundred seventy-five megawatts (275 MW) until July 1, 2026, after which the cap will be reduced to two hundred twenty-five megawatts (225 MW). The bill also allows electric distribution companies to estimate production and consumption for billing purposes and exempts eligible net-metering systems from back-up or standby rates.

Furthermore, the bill mandates the redesign of the community solar remote net metering program to benefit low- and moderate-income residents and establishes a cap on the annual capacity of eligible net-metering systems. The Rhode Island Commerce Corporation will execute all contracts offered by the electric distribution company and executed by the owner or operator of an eligible system. This act will take effect upon passage.

Statutes affected:
3272: 39-26-7, 39-26.1-3