Finds and declares that increasing the state's investment in renewable energy resources will provide a number of public benefits, including reducing greenhouse gas emissions and other pollutants, increasing energy diversity and security, and furthering economic development opportunities, particularly in emerging energy technologies.

Requires each state agency to meet the following electricity consumption targets: (1) The eligible renewable energy resource percentage of total annual electric usage is at least twenty percent by January 1, 2010;

(2) The eligible renewable energy resource percentage of total annual electric usage is at least sixty percent by January 1, 2012; and

(3) The eligible renewable energy resource percentage of total annual electric usage is one hundred percent by January 1, 2014.

Declares that these renewable energy targets shall not apply if the department of general administration is unable to obtain enough renewable energy resources or renewable energy credits from a facility in the state or in the Pacific Northwest region to satisfy the targets.

Requires the department to establish a clear sky program to encourage the development of sustainable energy technologies such as fuel cells, high-efficiency cogeneration, and other emerging energy technologies that significantly reduce air pollution. The director may establish policies and procedures necessary for processing, reviewing, and approving loan applications made under this act.

Creates the clean streams and clear sky subaccount as a subaccount of the energy freedom account. All receipts from appropriations made to the clean streams and clear sky subaccount shall be deposited into the subaccount. Expenditures from the subaccount may be used only for projects and activities authorized under this act and under the clean streams program established in chapter . . . (Proposed Substitute House Bill No. 1035 (H-2146.3/07)), Laws of 2007. In no circumstances shall more than fifty percent of the moneys in the subaccount be used for a single program or technology.