(a)  Within a period of time sufficient to accomplish the purposes of this section, but not longer than ninety (90) days after the effective date of this chapter, the board shall set ceiling prices and annual targets for each renewable energy class of distributed generation for the 2011 program year and make a filing with the commission pursuant to this chapter recommending such prices and targets. Thereafter annually, by no later than October 15 of each year, the board shall make filings with the commission to recommend the standard contract ceiling prices and annual targets for each renewable energy class of distributed-generation facility. The ceiling price for each technology should be a price that would allow a private owner to invest in a given project at a reasonable rate of return, based on recent reported and forecast information on the cost of capital, and the cost of generation equipment. The calculation of the reasonable rate of return for a project shall include where applicable any state or federal incentives including, but not limited to, tax incentives. In setting the ceiling prices, the board also may consider: (1) Transactions for newly developed renewable energy resources, by technology and size, in the ISO-NE region and the northeast corridor; (2) Pricing for standard contracts received during the previous program year; (3) Environmental benefits, including, but not limited to, reducing carbon emissions, and system benefits; and (4) Cost-effectiveness. The board shall, in performing this assessment, involve representation from its advisory council, if applicable, and from the office of energy resources, the electric distribution company, and the energy efficiency and resources management council. The board shall hold, with at least ten (10) business days’ notice, a public community review meeting. The board shall issue a report of its findings from the assessment process recommending standard contract ceiling prices for the upcoming program year. Such report shall be filed with the commission, along with a recommendation for the approval of the ceiling prices for the program year.

(b)  The commission shall open a docket to consider for approval ceiling prices proposed by the board. In reviewing the recommended ceiling prices, the commission shall give due consideration to the recommendations and report of the board and the standards set forth in subsection (a). The commission shall issue a decision within sixty (60) days after the recommendations and report are filed with the commission establishing the ceiling prices to be used by electric distribution companies in standard contracts applicable to each renewable energy class in order to effectuate the purposes and provisions of this chapter.

(c)  During any program year, the board may, on its own initiative, elect to revisit the ceiling prices if the board determines that the prices are either too low or too high. In that case, it may make a filing with the commission to seek a modification to the program for that year, which shall be acted upon by the commission within sixty (60) days. While the request is pending, the electric distribution company may suspend executing standard contracts until a decision is reached on the request.