NC S718

Eliminates the 55% utility ownership mandate for solar and storage projects, prohibiting public utilities from holding equity stakes in renewable projects procured through competitive bidding

Requires electric utilities serving over 150,000 NC customers to conduct all-source competitive procurements at least every two years, covering solar, wind, battery storage, hydropower, and geothermal resources

Reallocates shared solar program capacity: 45% to large commercial/industrial customers, 25% to small commercial/industrial, 15% to government, and 15% to residential customers

Mandates independent evaluators to oversee procurement processes and requires utilities to submit reports within 90 days of contract awards detailing bids received and selection rationale

Becomes effective October 1, 2025, with NC Utilities Commission required to establish implementation rules within 12 months and utilities to submit first procurement requests within 18 months