Instructs the Secretary of Energy to: (1) provide private sector commercialization assistance for renewable energy and energy efficiency technologies; (2) establish a fuel cell technologies demonstration program; and (3) establish a National Electric System Public Benefits Board to administer a National Electric System Public Benefits Fund.
Establishes the High Performance Schools grant program.
Amends Federal transportation law to mandate: (1) increased vehicle fuel economy standards; and (2) a national tire fuel efficiency program.
Establishes the Energy Star program to promote cost-effective energy-efficient products and buildings.
Prescribes requirements for: (1) Federal electric power purchases; (2) Federal buildings energy efficiency; (3) guaranteed energy savings; and (4) Federal use of Energy Star standards.
Amends the Internal Revenue Code to allow tax credits for: (1) certain energy efficient business property; (2) the manufacture of energy efficient appliances; (3) construction of a new energy-efficient home; (4) energy efficiency improvements to existing homes; (5) residential solar, wind, and fuel cell energy property; and (6) purchase of Energy Star products. Allows a deduction for energy-efficient commercial building property expenditures.
Prescribes depreciation requirements for: (1) distributed power property; and (2) property used in electricity transmission. Increases the credit rate for electricity produced from renewable and waste products. Treats facilities using bagasse to produce energy as solid waste disposal facilities eligible for tax-exempt financing. Grants an investment tax credit for additional plant capacity for existing renewable resources facilities producing electricity.
Allows tax credits for: (1) alternative motor vehicles placed in service; (2) retail sales of alternative fuels for motor vehicles; and (3) installation of alternative fueling stations. Extends the deduction for certain refueling property.