The Rural Energy Savings Act modifies an existing federal program that helps rural communities finance energy efficiency improvements and renewable energy projects. The bill expands eligible participants to include Indian tribes and green banks (organizations that use innovative financing for clean energy), and broadens the types of improvements that qualify, such as manufactured home replacements and energy storage systems. The legislation allows eligible entities to receive grants covering up to 5 percent of their loan amounts, or 10 percent if they serve persistently poor counties, to help cover administrative costs. Loan terms for consumers can now extend up to 20 years based on the useful life of the improvements rather than being capped at 10 years. The bill extends the program's authorization through 2033, ensuring continued funding and support for rural energy efficiency initiatives.
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