This bill establishes a mechanical insulation energy savings program in Iowa, which will be administered by the economic development authority. The program aims to provide grants to eligible applicants, including school districts, public hospitals, public housing buildings, and political subdivisions, for qualified mechanical insulation expenditures. The bill defines key terms such as "applicant," "mechanical insulation," "qualified audit," "qualified contractor," and "qualified mechanical insulation expenditures," ensuring clarity in the program's implementation.

Under the provisions of the bill, applicants can request a qualified audit to assess their mechanical insulation needs at no cost. If approved, the authority will conduct the audit and subsequently award grants to cover the full cost of the identified qualified mechanical insulation expenditures. The authority is also tasked with adopting rules to effectively administer the program, contingent upon specific appropriations for this purpose.