This bill aims to update and improve the provisions related to net metering in order to promote the installation of renewable energy generation and reduce environmental impacts. It includes new definitions and expands the eligibility for net-metering credits to include residential accounts, low- or moderate-income housing, educational institutions, and commercial industrial customers. The bill also specifies that eligible net-metering resources include biogas created through anaerobic digestion but exclude other biomass fuels. It also allows electric distribution companies to estimate the production from net metering systems and establish a monthly billing plan based on expected credits over a twelve-month period.

The bill also amends the Renewable Energy Growth Program to include goals related to climate and resilience and establishes a process for program approval. It exempts eligible net-metering systems from back-up or standby rates and allows the distribution company to aggregate and bill all customers for the costs incurred in achieving compliance with net metering requirements. The bill also requires the Rhode Island office of energy resources to redesign the community solar remote net metering program to include a commercial or industrial anchor tenant and allocate the remaining portion to low- and moderate-income residents or those living in disadvantaged and environmental justice communities.