Save American Energy Act

Save American Energy Act - Amends the Public Utility Regulatory Policies Act of 1978 to establish a federal energy efficiency resource standard for retail electricity and natural gas distributors.

Requires the Secretary of Energy to: (1) establish a program to implement, enforce, review, and adjust performance standards for specified cumulative electricity and natural gas savings for 2012 through 2020; (2) promulgate regulations establishing performance standards for 2021 through 2030 and for subsequent years by specified deadlines; and (3) set such standards at levels reflecting the maximum achievable level of cost-effective energy efficiency potential, taking into account cost-effective energy savings achieved by leading retail electricity and natural gas distributors, opportunities for new codes and standard savings, technology improvements, and other indicators of cost-effective energy efficiency potential. Prohibits standards for any year from being lower than the standard for 2020.

Requires each retail electricity and natural gas distributor to submit a report annually demonstrating that it has achieved required savings and requires the Secretary to verify that performance standards have been met. Authorizes distributors to use electricity or natural gas savings purchased from another distributor, a state, or a third party efficiency provider to meet such standards.

Provides for state administration of an energy efficiency program to meet the requirements of this Act.

Requires the Secretary to contract with the National Academy of Sciences to submit a comprehensive evaluation of all aspects of the program established by this Act by July 1, 2017, and every 10 years thereafter.