Ratepayer Recovery Act of 2008 - Amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to cite conditions under which the President is authorized to make disaster assistance contributions for the repair, restoration, reconstruction, or replacement of private or investor-owned power transmission and distribution facilities damaged or destroyed by a major disaster.
Cites conditions for large in-lieu contributions to a private or investor-owned power facility if the owner determines that the public welfare would not best be served by repairing, restoring, reconstructing, or replacing the facility.
Restricts the use of such funds to the area affected as a result of the major disaster.