SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Home Energy Retrofit Finance Program 
Act''.

SEC. 2. 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.

SEC. 3. 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.

SEC. 4. 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.

SEC. 5. 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.
Home Energy Retrofit Finance Program Act - Directs the Secretary to Energy (DOE) to: (1) provide Home Energy Retrofit Finance Program grants to states to establish or expand revolving finance funds to support financing for energy efficiency measures and renewable energy improvements to existing homes and residential buildings; and (2) conduct and report to Congress on an evaluation of such Program.
A bill to establish a home energy retrofit finance program.