Industrial Energy Conservation Act

Industrial Energy Conservation Act - States that the energy needs of United States industry are increasing consistently, although energy resources are limited, and that the conservation of energy is therefore necessary. Declares that rapid development and cost-effectiveness demonstrations, and widespread application by industry, of energy-efficient technologies can be facilitated by Federal financial assistance in the form of research, development, and demonstration projects and through incentives to companies that invest in such technologies.

States that it is the purpose of this Act to stimulate the development of energy-efficient technologies in American industry.

Defines terms used in this Act.

Directs the Administrator of the Energy Research and Development Administration to establish and maintain a program for research, development and demonstration of energy conserving industrial technologies, including: (1) basic and applied research under the control of the Administrator; (2) the development by the Administrator or private persons of prototypes or demonstration models of energy conserving technologies; and (3) the making of grants to private organizations to facilitate the incorporation of such technologies into commercial operating industrial plants, such projects to be used as demonstrations for other industrial facilities.

Sets forth priorities to be observed by the Administrator in determining the recipients of grants under this Act.

Authorizes the Administrator to make loans and loan guarantees for the purchase, construction, operation or maintenance of energy-efficient equipment or facilities. Enumerates priorities to be observed in making or guaranteeing such loans, including: (1) the extent to which a loan recipient is located within a depressed industrial area, and will contribute to the economic recovery of such area; (2) the extent to which such loan or guarantee will foster the widespread adoption of energy conservant technology; (3) the extent to which modernization, rather than replacement, of existing equipment will contribute to the purposes of this Act; and (4) the extent to which small businesses will be able to participate in the benefits resulting from this Act.

Sets forth regulations governing the administration of loans and guarantees made pursuant to this Act. Requires that at least 60 percent of the funds available for loans and guarantees be allocated to recipients in depressed industrial areas.

Sets forth additional regulations pertaining only to loan guarantees made pursuant to this Act. Limits the outstanding indebtedness guaranteed under this Act to $500,000,000 at any one time. States that no guarantee shall be made under this Act after September 30, 1977.

Authorizes appropriations to carry out the purposes of this Act.