Creates a residential energy efficiency incentive pilot program that authorizes a local jurisdiction to exempt qualifying low-income and moderate-income owners of single-family residences and qualifying owners of multiple family buildings from property taxation levied by the participating local jurisdiction.

Requires the department of commerce to create a list of: (1) Approved energy modeling techniques that may be used to determine projected reductions in energy consumption for eligible retrofit projects; and

(2) Approved third-party green building certifications for newly constructed multiple family buildings in order to determine eligibility.