Federal Electricity Cost Savings Act - Amends the Energy Policy Act of 2005 to: (1) direct the President, acting through the Secretary of Energy (DOE), to seek to ensure that the total amount of energy (currently, electric energy) that the federal government consumes during any fiscal year shall include specified amounts of renewable energy; and (2) define "renewable energy" to mean energy (currently, electric energy) generated from specified sources.
Allows contracts for renewable energy for federal agencies to be made for a period of up to 20 years.