Renewable and Distributed Energy Net Metering Act

Renewable and Distributed Energy Net Metering Act - Mandates that each State, electric utility not regulated by a State, and Federal power marketing agency consider establishing a net metering program, or modifying an existing program, to meet certain minimum Federal standards. Instructs the Federal Energy Regulatory Commission to establish such standards for each such entity that has not established a net metering program conforming to such standards within two years after enactment of this Act.

Sets forth minimum Federal standards for State and other net metering programs including: (1) metering and costs; (2) rates; and (3) safety and performance criteria.

Authorizes States to establish additional requirements.

Provides that a net metering credit under the net metering program shall not be considered a wholesale transaction for purposes of Federal or State law.