MS HB542

Creates the "Mississippi Renewable Energy Development Act of 2010" to encourage renewable energy development through net-metering programs for agricultural and forestry operations in Mississippi.

Requires electric utilities to allow net-metering facilities using solar, wind, hydroelectric, geothermal, or biomass resources to interconnect with bidirectional meters, with maximum capacity of 25 kilowatts for residential use or 300 kilowatts for other uses.

Mandates the Public Service Commission establish rates, terms, and conditions for net-metering contracts after public comment, and authorizes utilities to assess cost recovery fees if interconnection and administration costs exceed system benefits.

Requires utilities to credit net-metering customers with accumulated net excess generation in the next billing period, with any remaining credits expiring at the close of the annual billing cycle.

Establishes that renewable energy credits generated by net-metering customers are the property of the customer that generated them and takes effect July 1, 2010.