(1) This act may be cited as the "clean and renewable energy and energy waste reduction act".

    (2) The purpose of this act is to promote the development and use of clean and renewable energy resources and the reduction of energy waste through programs that will cost-effectively do all of the following:

    (a) Diversify the resources used to reliably meet the energy needs of consumers in this state.

    (b) Provide greater energy security through the use of indigenous energy resources available within this state.

    (c) Encourage private investment in renewable energy and energy waste reduction.

    (d) Coordinate with federal regulations to provide improved air quality and other benefits to energy consumers and citizens of this state.

    (e) Provide more reliable and resilient energy supplies during periods of extreme weather.

    (3) Pursuant to the reconciliation processes provided for in this act, the commission shall determine the costs and savings resulting from compliance with the renewable energy, clean energy, and energy waste reduction programs required under this act and include those costs and savings in the determination of the rates charged to customers of the electric and natural gas providers. This section does not prohibit the commission from authorizing shared savings or incentive programs as provided for in this act.