Summary
Federal Stimulus of Commercial Application of Energy Technology Act of 2007 - Directs the Secretary of Energy to establish the Innovative Energy Technologies Fund for Federal Buildings and to administer the Fund to enable federal agencies to demonstrate innovative energy technologies for retrofit or new construction of federal buildings and facilities.
Allows federal agencies to apply to the Secretary for a loan for financing the demonstration of innovative energy technology projects and requires such agencies to repay the Fund from savings in energy other costs attributable to actions taken as a result of the project undertaken with the loan. Permits a federal agency, in addition to financing an innovative energy technology project, to use the loan amount to pay the costs of administration and the development of proposals for subsequent projects to further develop the technology and to acquire and operate equipment necessary to monitor and verify associated energy savings. Requires a federal agency to repay to the Fund the principal amount of the loan and fees determined by the Secretary to cover costs of administering the loan.
Requires a federal agency to submit specified annual reports to the Secretary with respect to the implementation of innovative energy technology projects for which loans are provided under this Act.
Requires the Secretary to report to Congress on the operations of the Fund and the total expenditures from the Fund to each federal agency and examples of project successes and failures in meeting energy savings projections.
Lifecycle of the Bill
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