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(1) Each electrical corporation with a customer participating in a net metering program shall measure net electricity during each monthly billing period, in accordance with normal metering practices.
(2) If net metering does not result in excess customer-generated electricity during the monthly billing period, the electrical corporation shall bill the customer for the net electricity, in accordance with normal billing practices.
(3) Subject to Subsection (4), if net metering results in excess customer-generated electricity during the monthly billing period:
(a)
(i) the electrical corporation shall credit the customer for the excess customer-generated electricity based on the meter reading for the billing period at a value that is at least avoided cost, or as determined by the governing authority; and
(ii) all credits that the customer does not use during the annualized billing period expire at the end of the annualized billing period; and
(b) as authorized by the governing authority, the electrical corporation may bill the customer for customer charges that otherwise would have accrued during that billing period in the absence of excess customer-generated electricity.
(4) At the end of an annualized billing period, an electrical corporation's avoided cost value of remaining unused credits described in Subsection (3)(a) shall be granted:
(a) to the electrical corporation's low-income assistance programs as determined by the governing authority; or
(b) for another use as determined by the governing authority.