<PAGE>   1
                                                                     Exhibit 4.4

              Form of Specimen Series B Preferred Stock Certificate



<PAGE>   2



                  SPECIMEN SERIES B PREFERRED STOCK CERTIFICATE

                         INCORPORATED UNDER THE LAWS OF
                                    DELAWARE

    No. _____                                                   Shares _____

                           METRETEK TECHNOLOGIES, INC.
               SERIES B PREFERRED STOCK, PAR VALUE $.01 PER SHARE

           THIS CERTIFIES THAT ______________________ is the owner of
________________ Shares of Series B Preferred Stock each of the Capital Stock of
                           METRETEK TECHNOLOGIES, INC.
         transferable only on the books of the Corporation by the holder
       hereof in person or by Attorney upon surrender of this Certificate
                               properly endorsed.

   IN WITNESS WHEREOF, the said Corporation has caused this Certificate to be
  signed by its duly authorized officers and to be sealed with the Seal of the
           Corporation this ________ day of ____________ A.D. ______



-----------------------------       --------------------------------------------
Gary J. Zuiderveen, Secretary       A. Bradley Gabbard, Executive Vice President


                                SHARES $.01 EACH

                        SEE RESTRICTIONS ON REVERSE SIDE


THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, NOR PURSUANT TO THE SECURITIES OR "BLUE SKY"
LAWS OF ANY STATE. SUCH SECURITIES MAY NOT BE OFFERED, SOLD, TRANSFERRED,
PLEDGED, HYPOTHECATED OR OTHERWISE ASSIGNED, EXCEPT IN ACCORDANCE WITH
APPLICABLE "BLUE SKY" LAWS AND PURSUANT TO A REGISTRATION STATEMENT WITH RESPECT
TO SUCH SECURITIES WHICH IS EFFECTIVE UNDER SUCH ACT OR AN EXEMPTION FROM
REGISTRATION UNDER SUCH ACT.

THE CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS
THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR
OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES THEREOF OF THE
CORPORATION, AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH
PREFERENCES AND/OR RIGHTS. SUCH REQUEST MAY BE MADE TO THE CORPORATION OR THE
TRANSFER AGENT


                                   CERTIFICATE
                                       FOR

                                  -------------
                                     SHARES
                                     OF THE
                                  CAPITAL STOCK
                           METRETEK TECHNOLOGIES, INC.
                                    ISSUED TO

                                 --------------
                                      DATED

                         -------------------------------


<PAGE>   3

          For Value Received, ________ hereby sell, assign and transfer
               unto ______________________________________________
                __________________________________________ Shares
                 of the Capital Stock represented by the within
          Certificate, and do hereby irrevocably constitute and appoint
           ___________________________________________________________
           to transfer the said Stock on the books of the within named
          Corporation with full power of substitution in the premises.
                       Dated ____________________ _______
                                 In presence of

---------------------------------               -------------------------------


                    Notice: The signature of this assignment
                must correspond with the name as written upon the
              face of the certificate, in every particular, without
               alteration or enlargement, or any change whatever.