Retrofit for Energy and Environmental Performance (REEP) Program Act

Retrofit for Energy and Environmental Performance (REEP) Program Act - Requires: (1) the Administrator of the Environmental Protection Agency (EPA) to develop and implement standards for a national energy and environmental building retrofit policy for single-family and multifamily residences; (2) the Secretary of Energy (DOE) to develop and implement standards for a national energy and environmental building retrofit policy for commercial buildings; and (3) the program to implement such policies to be known as the Retrofit for Energy and Environmental Performance (REEP) program.

Requires the REEP program to: (1) facilitate the retrofitting of existing buildings to achieve maximum cost-effective energy efficiency improvements and significant improvements in water use and other environmental attributes; and (2) provide financial assistance to states, to be administered through the State Energy Program, for management and accomplishment of the program's objectives at the individual building level.

Authorizes states and local agencies to offer free or low-cost building audits, incentives, technical assistance, training, incentive financing, and other forms of assistance to individual building owners. Requires the Administrator and the Secretary to assist states and local agencies in establishing revolving loan funds or other forms of financial assistance.

Sets forth: (1) REEP program elements; and (2) requirements for states to follow in order to receive program funding.

Requires the Secretary and the Administrator to support the implementation, through state REEP programs, of alternative means of creating incentives for, or reducing financial barriers to, improved energy and environmental performance in buildings.

Authorizes states and local REEP programs to make per-building direct expenditures for retrofit improvements, or the equivalent in indirect financial support, for specified residential program awards, commercial program awards, and awards for historic buildings.

Authorizes appropriated funding provided to a state energy program that is not specifically required to be expended for a different federally designated purpose to be used to support a REEP program.