United States-Israel Energy Cooperation Act - Directs the Assistant Secretary of Energy for Policy and International Affairs to establish a grant program for joint ventures: (1) composed of either Israeli and United States private business entities, or of Israeli and United States academic persons; and (2) selected by the United States-Israel Binational Science Foundations (BSF), and the United States-Israel Binational Industrial Research and Development (BIRD) Foundation or BSF using criteria established by the International Energy Advisory Board (established by this Act). Requires such ventures to carry out projects that encourage cooperation between the United States and Israel on research, development, and commercialization of alternative energy, improved energy efficiency, and renewable energy sources.
Establishes in the Department of Energy an International Energy Advisory Board to: (1) establish criteria for such grant recipients; and (2) determine the total amount of grant money to be awarded to all grantees selected by BIRD and by BSF for each fiscal year.