Industrial Energy Conservation Act

Industrial Energy Conservation Act - Directs the Administrator of Energy Research and Development to establish and maintain a comprehensive program for research, development, and demonstration of industrial energy conserving technologies. Specifies criteria that the Administrator is required to apply in reaching decisions regarding the directions, priorities activities, and operations of the industrial energy conservation program.

Authorizes the Administrator to make loans and loan guarantees for the purchase, construction, operation, or maintenance of energy-efficient equipment or facilities. Directs the Administrator to give special priority to loan recipients in depressed industrial areas.

Establishes limits on the amount of outstanding indebtedness to be guaranteed under this Act. Stipulates that no guarantee or commitment to guarantee shall be undertaken after September 30, 1977. Details procedures in the event of a default on guaranteed obligations.

Authorizes the appropriation of the following amounts for research and development programs authorized by this Act: (1) $35,000,000 for fiscal year 1976; and (2) $50,000,000 for fiscal year 1979.

Authorizes the appropriation of the following amounts for the purpose of making loans under this Act: (1) $30,000,000 for fiscal year 1978; and (2) $45,000,000 for fiscal year 1979.

Authorizes the appropriation of up to $500,000,000 to be paid in the event of a default on obligations guaranteed under this Act.