To amend title VI of the Public Utility Regulatory Policies Act of 1978 to establish a Federal renewable energy portfolio standard for certain retail electric utilities, and for other purposes.

H.R. 983 proposes a national requirement for electric utility companies to generate a specific and increasing percentage of their electricity from renewable sources, such as wind, solar, and geothermal energy. Starting at 1% in 2008, the mandate would gradually rise to 20% by 2027, using a system of tradable credits to help companies meet these targets. For everyday citizens, this legislation aims to transition the national power grid toward cleaner energy sources, which could influence long-term energy costs and reduce the environmental impact of electricity production. While the bill sets federal standards, it also includes provisions for state-level energy accounts and encourages participation from municipal and rural electric cooperatives.