Residential Energy Efficiency Program of 1979

Residential Energy Efficiency Program of 1979 - Amends the State residential energy conservation plan provisions of the National Energy Conservation Policy Act to authorize the Secretary of Energy to institute an alternative home energy efficiency program in any State, political subdivision, utility service area, or geographical area thereof. Exempts persons subject to such program from the requirements and prohibitions contained in the utility program established under such Act.

Sets forth requirements for such alternative home energy efficiency program, including: (1) a requirement that the Secretary designate a Federal, State, or local agency to negotiate a contract with an energy conservation company to undertake a home energy retrofit program in a specified geographic area for a specified per unit price to be paid by such agency; (2) a requirement that such energy conservation company comply with specified criteria concerning such home energy retrofit program; and (3) a requirement that the designated agency establish accurate normalized measurements of energy use by type of energy before and after the installation of such retrofit measures to determine the saving produced by such energy conservation company.

Directs the Secretary to provide funds to designated agencies to pay energy conservation companies for energy actually saved.

Requires public utilities to make periodic payments to the Secretary not to exceed the value of the savings in a given year realized by such utilities as a result of the energy actually saved. Authorizes such utilities to sell any energy available to it as a result of a home energy retrofit program to willing nonresidential buyers.

Authorizes the Secretary to issue notes or other obligations in order to finance such energy retrofit programs in the event the moneys received from public utilities under this Act are insufficient to finance such programs.

Places limitations on the Secretary's authority to enter into such contracts depending on the amount of payments received from public utilities pursuant to this Act.

Requires the Secretary, prior to instituting any program authorized by this Act, to provide for public comment.

Expands the definition of "residential buildings" for the purposes of this Act to include buildings having more than four dwelling units.