1. The Board of Regents may plan for and establish programs for the study of energy efficiency and renewable energy resources within the System.
2. The Board of Regents may carry out a program established pursuant to this section through a joint venture with one or more public or private entities, but the Board of Regents must have final authority to direct and supervise the program.
3. The Board of Regents may apply for any available grants and accept any gifts, grants or donations for the support of a program for the study of energy efficiency and renewable energy resources established pursuant to this section.