H.B. 1514 aims to advance the deployment of low-carbon thermal energy networks in Washington State by amending existing statutes, including RCW 80.04.010 and RCW 80.28.005, to integrate thermal energy companies into the regulatory framework. It allows electrical and gas companies to own and manage these networks, while defining a "thermal energy company" as an entity providing thermal energy services, distinct from gas and electrical companies. Companies operating or under development before July 1, 2025, are exempt from commission regulation unless they choose to opt-in. However, if a thermal energy system surpasses a specified customer threshold, it must submit to commission regulation within 12 months. The legislation prioritizes gas companies for developing pilot projects and mandates that utilities offer budget billing or equal payment plans to low-income customers, while also requiring reports on disconnections during heat-related alerts. Amendments ensure that rates and services are just, reasonable, and sufficient, prohibiting undue preferences or advantages. The bill also introduces provisions for discounted rates for thermal energy networks that enhance electricity delivery efficiency. It empowers the commission to appoint inspectors for thermal energy meters and mandates the maintenance of facilities for testing meter accuracy. Additionally, the commission is tasked with monitoring the development of interoperability standards for thermal energy networks, with a report due by December 1, 2027. The legislation specifies that it will become null and void if not funded by June 30, 2025, in the omnibus appropriations act, and it does not allocate new funding or financial figures.