Regulates rebates from electrical corporations for solar panels

HB 1487 creates a state-regulated rebate program for residential and commercial customers installing solar energy systems paired with battery storage. It mandates electrical corporations to offer rebates per watt of solar capacity (ranging from $2 down to $0.25 per watt), decreasing over time until 2031, with specific deadlines for system installation. To qualify, customers must install a "smart inverter" and energy storage system connected to their solar setup, and transfer renewable energy credits to the utility for 10 years. The bill also caps annual and total rebate costs for utilities based on their customer size and allows utilities to recover rebate expenses through rate adjustments.