For the purpose of complying with a portfolio standard established pursuant to NRS 704.7821 or 704.78213, a provider shall be deemed to have generated or acquired 2.4 kilowatt-hours of electricity from a renewable energy system for each 1.0 kilowatt-hour of actual electricity generated or acquired from a solar photovoltaic system, if:
1. The system is installed on the premises of a retail customer;
2. The system was placed into operation on or before December 31, 2015; and
3. On an annual basis, at least 50 percent of the electricity generated by the system is utilized by the retail customer on that premises.