Short title

This Act may be cited as the

Home Energy Retrofit Finance Program Act

Findings

Congress finds that— (1)many families lack access to upfront capital to make cost-effective energy improvements to homes and apartments; (2)a number of States, local governments, and energy utilities are considering enacting, or have already enacted, innovative energy efficiency and renewable energy finance programs; (3)home retrofits create and support jobs in the United States in a number of fields, including jobs for electricians, heating and air conditioning installers, carpenters, construction, roofers, industrial truck drivers, energy auditors and inspectors, construction managers, insulation workers, renewable energy installers, and others; (4)cost-effective energy improvements pay for themselves over time and also save consumers energy, reduce energy demand and peak electricity demand, move the United States towards energy independence, reduce greenhouse gas emissions, and improve the value of residential properties; (5)modeling has shown that— (A)energy efficiency and renewable energy upgrades in just 15 percent of residential buildings in the United States would require $280,000,000,000 in financing; and (B)the upgrades described in subparagraph (A) could reduce carbon dioxide emissions by more than a gigaton; and (6)home retrofits— (A)are a key strategy to reducing global warming pollution; and (B)create and support green jobs.

Definitions

In this Act: (1)

Eligible participant

The term eligible participant means a homeowner, apartment complex owner, residential cooperative association, or condominium association that finances energy efficiency measures and renewable energy improvements to homes and residential buildings under this Act. (2)

Energy efficiency measure and renewable energy improvement

The term energy efficiency measure and renewable energy improvement means any installed measure (including products, equipment, systems, services, and practices) that would result in a reduction in— (A)end-use demand for externally supplied energy or fuel by a consumer, facility, or user; and (B)carbon dioxide emissions, as determined by the Secretary. (3)

Program

The term program means the Home Energy Retrofit Finance Program established under section 4(a). (4)

Qualified program delivery entity

The term qualified program delivery entity means a local government, energy utility, or any other entity designated by the Secretary that administers the program for a State under this Act. (5)

Secretary

The term Secretary means the Secretary of Energy.

Home Energy Retrofit Finance Program

(a)

Establishment

The Secretary shall provide Home Energy Retrofit Finance Program grants to States for the purpose of establishing or expanding a State revolving finance fund to support financing offered by qualified program delivery entities for energy efficiency measures and renewable energy improvements to existing homes and residential buildings (including apartment complexes, residential cooperative associations, and condominium buildings under 5 stories). (b)

Funding mechanism

In carrying out the program, the Secretary shall provide funds to States, for use by qualified program delivery entities that administer finance programs directly or under agreements with collaborating third party entities, to capitalize revolving finance funds and increase participation in associated financing programs. (c)

Eligibility of qualified program delivery entities

(1)

In general

The Secretary shall provide guidance to the States on application requirements for a local government or energy utility that seeks to participate in the program, including criteria that require, at a minimum— (A)a description of a method for determining eligible energy professionals who can be contracted with under the program for energy audits and energy improvements, including a plan to provide preference for entities that— (i)hire locally; (ii)partner with State Workforce Investment Boards, labor organizations, community-based organizations, and other job training entities; or (iii)are committed to ensuring that at least 15 percent of all work hours are performed by participants from State-approved apprenticeship programs; and (B)a certification that all of the work described in subparagraph (A) will be carried out in accordance with subchapter IV of chapter 31 of title 40, United States Code. (2)

Repayment over time

To be eligible to participate in the program, a qualified program delivery entity shall establish a method by which eligible participants may pay over time for the financed cost of allowable energy efficiency measures and renewable energy improvements. (d)

Allocation

In making funds available to States for each fiscal year under this Act, the Secretary shall use the allocation formula used to allocate funds to States to carry out State energy conservation plans under part D of title III of the Energy Policy and Conservation Act (42 U.S.C. 6321 et seq.). (e)

Use of funds

Of the amounts in a State revolving finance fund— (1)not more than 20 percent may be used by qualified program delivery entities for interest rate reductions for eligible participants; and (2)the remainder shall be available to provide direct funding or other financial support to qualified program delivery entities. (f)

State revolving finance funds

On repayment of any funds made available by qualified program delivery entities under the program, the funds shall be deposited in the applicable State revolving finance fund to support additional financing to qualified program delivery entities for energy efficiency measures and renewable energy improvements. (g)

Coordination with State energy efficiency retrofit programs

Home energy retrofit programs that receive financing through the program shall be carried out in accordance with all authorized measures, performance criteria, and other requirements of any applicable Federal home energy efficiency retrofit programs. (h)

Program evaluation

(1)

In general

The Secretary shall conduct a program evaluation to determine— (A)how the program is being used by eligible participants, including what improvements have been most typical and what regional distinctions exist, if any; (B)what improvements could be made to increase the effectiveness of the program; and (C)the quantity of verifiable energy savings and renewable energy deployment achieved through the program. (2)

Reports

(A)

In general

Not later than 3 years after the date of enactment of this Act, the Secretary shall submit to the Committee on Energy and Natural Resources of the Senate and the Committee on Energy and Commerce of the House of Representatives a report that describes the results of the program evaluation required under this subsection, including any recommendations. (B)

State reports

Not less than once every 2 years, States participating in the program shall submit to the Secretary reports on the use of funds through the program that include any information that the Secretary may require.

Authorization of appropriations

(a)

In general

There are authorized to be appropriated such sums as are necessary to carry out this Act for each of fiscal years 2010 through 2015. (b)

Administrative expenses

An amount not exceeding 5 percent of the amounts made available under subsection (a) shall be available for each fiscal year to pay the administrative expenses necessary to carry out this Act.