H.R. 2946 — Clean Energy Victory Bond Act of 2025

This section states congressional findings on the potential to increase U.S. clean and renewable energy production and energy efficiency; the lead of other nations such as China and Germany in clean energy manufacturing and deployment; climate change as an existential threat; public interest in combating climate change; the Office of Energy Efficiency and Renewable Energy's estimated $230 billion net economic benefit (with over 20% annual return on investment) from $12 billion in prior research and development investments; job creation from such projects; improved energy security; bonds as a low-cost, voluntary funding mechanism that increases tax revenues and reduces federal health and environmental costs; and the World War II precedent of over 80% of households purchasing Victory Bonds, raising $185 billion (over $2 trillion in today's dollars).

This section defines, for purposes of the Act, (1) a clean energy project as a technology that provides performance-based energy efficiency improvements or clean energy improvements (i.e., electricity generated from solar, wind, geothermal, small-scale hydropower, and hydrokinetic energy sources; fuel cells using non-fossil fuel sources; advanced storage technologies; and electric vehicle infrastructure); and (2) the Secretary as the Secretary of the Treasury or the Secretary’s delegate.

This section directs the Secretary of the Treasury, in consultation with the Secretaries of Energy and Defense, to issue not later than six months after enactment bonds known as Clean Energy Victory Bonds, with proceeds used for purposes described in new IRC §9512(c). The bonds are issued as savings bonds consistent with 31 U.S.C. 3105 (which authorizes U.S. savings bonds and certificates), in denominations of $25 and other amounts set by the Secretary with maturities also set by the Secretary, and an aggregate annual face amount not exceeding $50 billion. The bonds bear interest at Series EE and Series I savings bond rates plus a supplemental rate based on federal energy cost savings from bond-funded clean energy projects and interest on loans financed or guaranteed with bond proceeds; payments are from the general fund and backed by the full faith and credit of the United States; and the Secretary must promote their purchase through advertising campaigns in periodicals, billboards, television, radio, internet, financial institutions, and other venues.

This section establishes the Clean Energy Victory Bonds Trust Fund in the Treasury of the United States, to consist of amounts equivalent to revenues from Clean Energy Victory Bonds issued under the Clean Energy Victory Bond Act of 2025 and accepted gifts or bequests. Amounts in the fund are available without further appropriation to finance clean energy projects at the federal, state, and local levels, which may include (1) support for existing federal financing programs for energy efficiency and clean energy deployment; (2) clean energy investments by federal agencies; (3) electric grid enhancements; (4) renovations of inefficient buildings or construction of energy-efficient ones; (5) tax incentives and credits for clean energy technologies; (6) innovation research funding, including for ARPA-E and similar mechanisms; (7) support for existing grant programs; and (8) zero-emission vehicle infrastructure and manufacturing. The Secretary must ensure that at least 40% of annual expenditures support projects located in and reducing energy rates in disadvantaged and vulnerable communities (i.e., those bearing disproportionate burdens of public health effects, environmental pollution, or climate change impacts; with significant representation of people of color, low-wealth individuals, or Tribal and Indigenous members; or with high concentrations of low- and moderate-income households).