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  • Not enacted
    The President has not signed this bill
  • The house has not voted
  • The senate has not voted
      senate Committees
      Senate Committee on Banking, Housing, and Urban Affairs
    IntroducedMay 24th, 2010

Bill Details

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Title

REAL Act of 2010

Official Title

A bill to encourage residential use of renewable energy systems by minimizing upfront costs and providing immediate utility cost savings to consumers through leasing of such systems to homeowners, and for other purposes.

Summary

Renewable Energy Access Through Leasing Act of 2010 or the REAL Act of 2010- Authorizes the Secretary of Housing and Urban Development (HUD) to make loan guarantees for the financing of renewable energy systems leased for residential use. Prohibits the Secretary from insuring a loan unless the renewable energy system owner certifies that the systems financed will be leased only to homeowners that grant easements to install, maintain, use and otherwise access the system that include the right to sell electricity produced during the life of the renewable energy system to a wholesale or retail electrical power grid. Requires the Secretary to: (1) ensure that a discount given under this Act does not adversely affect the homeowner's mortgage requirements; and (2) fix and collect premiums for insurance of loans under this Act that shall be paid for by the renewable energy system owner and that shall be adequate to cover the expenses and probable losses of administering the program. Prohibits the Secretary from assessing any other fee, premium, or charge in connection with such loan insurance. Establishes the Renewable Energy Lease Insurance Fund, into which the Secretary shall deposit any such premiums. Terminates the Secretary's authority to insure and make commitments to insure new loans under this Act ten years after its enactment.

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