Residential Furnace Improvement and Cost Savings Act of 1979

Residential Furnace Improvement and Cost Savings Act of 1979 - Amends the National Energy Conservation Policy Act to require the Secretary of Energy to publish in the Federal Register a list of energy conservation retrofit devices found to improve energy efficiency of home heating and cooling devices and which can qualify for the residential energy credit provisions of the Internal Revenue Code.

Requires manufacturers of home heating devices to issue procedures for the modification of home heating devices to permit the utilization of energy conservation retrofit devices.

Directs the Secretary to invite State governors to submit plans for the certification of contractors qualified to install such devices, and sets forth criteria for such certification plans.

Prohibits, after January 1, 1981, the financing of the sale of any residential building by any financial institution whose deposits are insured by any agency of the Federal Government without: (1) State or Federal certification that the home heating devices contained in such building (a) has been modified by the installation of an energy conservation retrofit device, or (b) meets minimum efficiency standards established by the Department of Energy; and (2) evidence of a contract to retrofit a home heating device in such a building.

Imposes a fine of not less than $2,500 for the failure of the new owner of a residential building to make such modifications to the building's heating device.

Directs the Secretary to make grants to each State having an approved contractor certification plan for the costs of administration of such plan.

Directs the Secretary to establish a Federal program to carry out the provisions of this Act in States which do not have approved certification plans.

Directs the Secretary, in coordination with other relevant agencies, to establish a program of assistance for low-income residential building owners to assist them in obtaining the energy conservation retrofit devices required under this Act.

Authorizes the appropriation of funds necessary to carry out the purposes of this Act.