Home Energy Conservation Act of 2010 - Amends the Internal Revenue Code to allow the issuance of tax-exempt home energy conservation bonds to finance qualified residential energy efficiency assistance grants and loans and extend such grants and loans to low and very-low income taxpayers. Imposes a national home energy conservation bond limitation amount of $2.4 billion and allocates such amount to states in proportion to state population.
Defines "qualified residential energy efficiency assistance grants and loans" as any grant or loan to acquire: (1) any property which meets (at a minimum) the requirements of the Energy Star program or the Water Sense program and which is to be installed in a dwelling unit; and (2) any improvement to a dwelling unit made under a plan which is developed by a Residential Energy Services Network, Building Performance Institute, or equivalent energy efficiency expert and is certified by such expert as resulting in at least a 20% reduction in total household energy consumption related to heating, cooling, lighting, and appliances.
Imposes dollar limitations on such grants and loans and excludes certain types of property from such grant and loan program, including equipment used in connection with a swimming pool or hot tub, any television, any device for converting a digital signal to analog, any DVD player, video cassette recorder, audio equipment, cordless phone, or other property where there is a substantial recreational use.