HB 5364 - Virtual Net Metering

• Establishes virtual net metering program allowing customers with Class I renewable energy sources (up to 2 megawatts) to share excess electricity credits with up to five designated "beneficial accounts" in the same utility service area.

• Requires electric distribution companies to install metering equipment and combine monthly billing for customer hosts and their beneficial accounts, crediting excess generation at the retail electricity rate.

• Allows customer hosts to carry forward unassigned credits month-to-month within a calendar year; at year-end, utilities must compensate hosts for remaining credits at the retail rate.

• Limits beneficial account designations to affordable housing units or other municipal retail customers within the utility's service territory, with changes permitted only once annually with 60 days' notice.

• Directs the Department of Public Utility Control to establish administrative processes and program specifications by February 1, 2011.