Practical Energy Plan Act of 2011

Directs the Secretary to: (1) require that geological and geophysical exploration plans for the Outer Continental Shelf (OCS) include a third-party reviewed response plan that describes the means and timeline for containment and termination of an ongoing discharge of oil, (2) conduct specified offshore oil and gas lease sales, and (3) promulgate regulations providing for the issuance of seismic surveying cost credits for the provision of data from seismic surveying of the OCS and use of such credits for payment of bonus bids owed for oil and gas lease sales.

Amends the Clean Air Act to exempt sources of pollution located offshore of Alaska from pollution control requirements for OCS activities.

Revises the Corporate Average Fuel Economy (CAFE) standards by requiring at least a 4% annual increase in the average fuel economy level beginning in model year 2017, unless the standards are technologically unachievable, cannot be achieved without materially reducing the overall safety of automobiles, or are not cost effective. Requires the Secretary of Transportation (DOT) to: (1) prescribe separate standards for passenger and non-passenger automobiles to achieve a combined fuel economy average of at least 34.1 miles per gallon for model year 2016 (currently 35 miles per gallon for model year 2020) for the total fleet of automobiles manufactured, and (2) determine the greatest achievable fuel efficiency improvement targets for rules pertaining to commercial medium- and heavy-duty vehicles and work trucks. Authorizes the Secretary to implement regulations for vehicle classes and components of such vehicles on an accelerated basis. Requires manufacturers to ensure that no less than 50% of light-duty vehicles manufactured in model years 2015-2017 (90% of such vehicles manufactured in 2018 and subsequent model years) are choice-enabling vehicles.

Requires the Secretary to: (1) certify the maximum feasible levels of advanced alternative fuel blend possible; and (2) develop a model label for pumps dispensing advanced alternative fuels that allows consumers to evaluate the relative value, energy density, and expected vehicle performance of any particular advanced alternative fuel blend.

Authorizes the Secretary to establish a fuel options standard credit trading program to allow manufacturers whose annual covered inventory exceeds the light-duty vehicle requirements to earn credits to be sold to manufacturers that are unable to achieve such requirements.

Revises requirements concerning agency procurement of liquid transportation fuel, alternative or synthetic fuel, and energy efficient products.

Amends the Energy Policy Act of 2005 to replace the incentive program for the production of cellulosic biofuels with one for the production of renewable fuels.

Amends the Energy Conservation and Production Act to require the Secretary of Energy (DOE) to: (1) update national model building energy codes at least every three years, and (2) establish targets for overall energy savings in buildings and minimum building efficiency standards. Establishes in DOE a Homes and Buildings Energy Retrofits Program that has an annual target energy efficiency retrofit rate of 5% for homes and 2% for commercial buildings.

Amends the Farm Security and Rural Investment Act of 2002 to direct the Secretary of Agriculture to make loans to eligible entities (defined as public power districts, public utility districts, or specified electric cooperatives that borrowed and repaid, prepaid, or are paying an electric loan made or guaranteed by the Rural Utilities Service) for making loans to consumers for implementing energy efficient measures.

Amends the National Energy Conservation Policy Act to direct federal agencies to ensure that new federal buildings are designed to enhance energy efficiency.

Amends the Energy Independence and Security Act of 2007 to: (1) prohibit agencies from entering into or renewing a lease of a commercial building unless there is clearly and publicly available information concerning the actual energy consumption of the building for each of the five most recent years, and (2) require each energy manager to implement energy- or water-saving measures that are life cycle cost-effective.

Sets forth provisions concerning reducing the inventory of federal civilian real property. Amends the Energy Policy and Conservation Act to: (1) require the Secretary of Energy to carry out a grant program to pay the federal share of creating a revolving loan program for manufacturers to implement commercially available technologies or processes that significantly reduce system energy intensity; (2) include computer monitors and displays, personal computers, and cable, satellite, and fiber optic service set-top boxes as covered products under the energy conservation program for consumer products other than automobiles; and (3) require the Secretary to establish an energy conservation standard for each type or class of covered industrial equipment if certain conditions are met.