The bill directs the PUC to establish energy savings targets and approve plans under which investor-owned electric utilities will promote the use of energy-efficient electric equipment in place of less efficient fossil-fuel-based systems — that is, beneficial electrification. This directive would substantially follow the model of existing demand-side management (DSM) policies established by the PUC. The Legislation specifies the parameters for beneficial electrification programs and plans following the same model as existing DSM programs, including the types of systems and appliances that are eligible for installation, the criteria to be considered when the PUC evaluates plan proposals, the implementation of plans, utility cost-recovery mechanisms, and performance incentives. The legislation further directs the PUC to apply current standards for measurement of the social cost of carbon emissions, including methane, in evaluating the cost, benefit, or net present value of utility plans and proposals for beneficial electrification.