Solar Energy Development Bank Act

Summary

Solar Energy Development Bank Act - Establishes the Solar Energy Development Bank, within the Department of Housing and Urban Development, to make below-market interest rate loans to encourage the use of solar energy in commercial and residential structures. Provides that such Bank shall be governed by a Board of Directors and sets forth the duties and powers of such Board. Authorizes the Bank to make payments to financial institutions for the purpose of subsidizing below-market rate loans made by such institutions to owners or builders of commercial and residential structures for the purchase and installation of solar energy systems. Sets forth requirements for such subsidies concerning the term and amount of loans to be subsidized and necessary warranties for such solar energy systems. Imposes criminal penalties for the furnishing of false or misleading information by applicants for loans assisted under this Act. Directs the Board to make annual reports to the President and to both Houses of Congress on the operation of such subsidy program. Provides that up to $35,000,000 for fiscal year 1980 and up to $150,000,000 for fiscal years 1981 through 1985 shall be made available from the Energy Security Trust Fund for the purpose of carrying out this Act.

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1 official file

• Introduced in Senate

  summary · EN · 27 July 1979

  Open at official source

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