Energy Conservation Act

Energy Conservation Act - Directs the Administrator of the Federal Energy Administration to prescribe guidelines for the development and preparation of State energy conservation implementation programs. Requires that States be given an opportunity to participate in the drafting of such guidelines.

Establishes eligibility criteria for State energy conservation implementation programs in order to receive Federal assistance under this Act. Imposes a preliminary requirement that the State establish a State energy conservation advisory committee to assist in the formulation of such program.

Authorizes the Administrator to provide Federal financial assistance to States whose proposed energy conservation programs meet such criteria. Lists factors to be considered in determining the amount of such assistance. Stipulates that no State shall receive more than ten percent of the national total in each category of financial assistance.

Authorizes the appropriation of the following sums to assist eligible State programs: $25,000,000 for fiscal year 1977, and $50,000,000 per fiscal year for fiscal years 1978, 1979, and 1980.

Amends the Energy Conservation and Insulation of Buildings Act of 1976 to authorize additional appropriations of $25,000,000 for fiscal year 1977, $50,000,000 per fiscal year for fiscal years 1978 and 1979; and $100,000,000 for fiscal year 1980 to assist low-income persons under the provisions of such Act.

Amends the National Housing Act to authorize the Secretary of Housing and Urban Development to assist in the financing of energy conservation measures. Authorizes the appropriation of the following amounts for such assistance payments: $100,000,000 for fiscal year 1977, and $200,000, 000 per fiscal year for fiscal years 1978, 1979, and 1980.

Amends the Small Business Act to empower the Small Business Administration to make loans to small business concerns for implementation of energy conservation measures. Limits the total amount of such loans under the Act of $300,000,000. Stipulates that the total amount of such payments to lending institutions under the Act shall not exceed $60,000,000.

Authorizes the Administrator to guarantee loans and other obligations issued to finance energy conservation measures consistent with the purposes of this Act. Limits the aggregate amount of outstanding guarantees under this Act to $10,000,000,000.

Requires annual reports to the Congress on actions taken to implement the provisions of this Act.