H.R.729: To amend the Public Utility Regulatory Policies Act of 1978 to promote energy independence and self-sufficiency by providing for the use of net metering by certain small electic energy generation systems, and for other purposes.

Home Energy Generation Act - Amends the Public Utility Regulatory Policies Act of 1978 to require each state regulatory authority and nonregulated electric utility to conduct a hearing, and on the basis of such hearing, adopt a net metering standard.

Requires retail electric suppliers to offer to arrange to make net metering available to retail customers on a first-come-first-served basis.

Prescribes implementation requirements regarding: (1) net energy measurement; (2) billing practices; (3) ownership of credits; (4) safety and performance standards; (5) interconnection and model standards; and (6) consumer friendly contracts.