(a) The General Assembly finds that:

(1) The State of Arkansas is confronted with a severe energy crisis;

(2) The demand for fuels has outstripped the available supplies;

(3) The cost to the consumer for energy usage continues to increase at an accelerated rate;

(4) A great and growing number of residents of this state can no longer afford basic energy needs;

(5) The energy crisis has adversely affected the growth and stability of agriculture, commerce, and industry within the state, producing widespread unemployment;

(6) The energy crisis will be perpetuated by a continued dependence on depletable energy resources which are subject to rapid increases in price and uncertain availability; and by the wasteful and inefficient use of available energy supplies;

(7) These conditions are inimical to the economic security of the state and the health, welfare, and prosperity of its citizens.

(b) It is declared to be the public policy and responsibility of this state to encourage energy conservation and to promote the development and use of renewable energy resources, in order to alleviate the undesirable social and economic conditions created by the energy crisis.

(c) The General Assembly finds that the public policy and responsibility of the state as set forth in this section cannot be fully attained without the use of public financing, and it is the purpose of this subchapter to make such financing available for energy facilities which will reduce energy consumption or make use of renewable energy resources in residential, commercial, industrial, and agricultural application.