Requires an electric utility to: (1) Offer an on-bill repayment program option to its retail electric customers;

(2) Provide participants in the program with any conservation incentives for which the participant is eligible; and

(3) Prepare a marketing and outreach program to promote its on-bill repayment program as part of its biennial conservation plan.

Authorizes a qualifying utility to, in meeting its conservation targets, count the conservation savings associated with an on-bill repayment program, if the savings otherwise qualify as cost-effective conservation under this act.