Freedom through Renewable Energy Expansion (FREE) Act - Amends the Energy Policy Act of 2005 to repeal provisions regarding: (1) the next generation nuclear plant project; (2) standby support for certain nuclear plant delays; and (3) incentives for oil and gas production from federal lands.
Amends the Internal Revenue Code (IRC) to repeal: (1) the credit for production from advanced nuclear power facilities; (2) the election to expense certain refineries; (3) treatment of natural gas distribution lines as 15-year property; (4) treatment of natural gas gathering lines as seven-year property; (5) the rule for determining the small refiner exception to the oil depletion deduction; and (6) the amortization of geological and geophysical expenditures.
Amends the Outer Continental Shelf Lands Act and the Naval Petroleum Reserves Production Act of 1976 to repeal the suspension of: (1) offshore royalties pertaining to the Planning Areas offshore Alaska; and (2) the royalty with respect to the national petroleum reserve in Alaska.
Sets forth price thresholds for royalty suspension provisions affecting leases in Central and Western Gulf of Mexico.
States that Congress reaffirms the authority of the Secretary of the Interior to vary, based on the price of production from an oil lease, the suspension of royalties (in effect, impose price thresholds for certain lease sales) under any lease subject to the Outer Continental Shelf Deep Water Royalty Relief Act.
Sets forth prerequisites for issuance of new leases in the Gulf of Mexico, and for lease transfers.
Directs the Secretary of the Interior to establish conservation of resources fees for federal oil and gas leases in the Gulf of Mexico.
Amends federal transportation law to direct the Secretary of Transportation to promulgate certain average fuel economy standards for passenger automobiles manufactured after model year 2009.
Amends the IRC to extend the credit for: (1) renewable electricity production; (2) solar energy property, qualified fuel cell property, and geothermal property; and (3) residential energy efficient property.
Allows a tax credit for wind energy property installed in residences and businesses.
Authorizes appropriations for geothermal research.
Amends the Public Utility Regulatory Policies Act of 1978 to prescribe a federal renewable portfolio standard.
Amends the Energy Policy Act of 2005 to revise certain federal energy purchase requirements.
Instructs the Secretary of Energy to establish a grant program for local schools and school districts to promote the use of renewable energy sources in school facilities.