Public Lands Renewable Energy Development Act of 2012 - Amends the Energy Policy Act of 2005 to require amounts received through FY2020 (currently, through FY2010) from leases under the Geothermal Steam Act of 1970 to be available to the Secretary of the Interior to spend in such amounts as are provided in advance appropriations acts for implementing such Acts.
Requires the Secretary of Interior to establish a wind and solar leasing pilot program under which lease sales are conducted on covered public lands administered by the Secretary to carry out wind and solar energy projects. Requires the Secretary of the Interior and the Secretary of Agriculture (USDA) to jointly determine as to whether to expand the pilot program to apply to all covered public lands. Defines "covered land" to mean land that is: (1) public land administered by the Secretary of the Interior, or National Forest System land administered by the Secretary of Agriculture; and (2) not excluded from development of solar or wind energy under a final land use plan established under the Federal Land Policy and Management Act of 1976, a final land and resource management plan established under the National Forest Management Act of 1976, or federal law.
Establishes in the Treasury the Renewable Energy Resource Conservation Fund to be administered by the Secretary of the Interior for mitigating the impacts of renewable energy on federal land and carrying out any activity authorized under the Land and Water Conservation Fund Act of 1965, with the exception of the acquisition of land, water, or interests therein within that state.
Requires the Secretaries to determine the feasibility of carrying out a mitigation banking program on federal lands administered by the Secretaries to offset the impacts of wind or solar energy on such lands.