Enacts the "smart meter transparency and consumer protection act" in relation to requiring utilities to provide certain information about smart meters to customers; authorizes and directs the public service commission, in coordination with an independent third party, to conduct a study on smart meter implementation in New York state.
Allows surplus or uncommitted funds in the New York state climate investment account to be returned to ratepayers; establishes a one-year utility bill tax and surcharge holiday and a two-year green energy tax holiday; relates to audits of utility corporations; authorizes the public service commission to reconsider rate increases; grants customers the right to decline smart meters and prohibits such customers from being penalized or charged exercising such right; directs the public service commission to conduct a study analyzing the economic impact of the use of smart meters; relates to costs and expenses of the department of public service and the public service commission; directs the public service commission to develop a formula to determine the average cost to comply with the provisions set forth in article seventy-five of the environmental conservation law; provides for a ratepayer protection tax credit; repeals certain provisions of law relating to the assessment of costs and expenses of the department of public service and the public service commission.
Requires electric public utility to install and operate smart meters and smart meter technology at customers' premises upon request and in new building construction.