In this section the following words have the meanings indicated. “Fund” means the Mechanical Insulation Installation Grant Fund. “Mechanical insulation” means insulation materials, facings, and accessory products used for thermal requirements for mechanical piping and equipment, hot and cold applications, and heating, ventilation, and air–conditioning applications. “Minimum ASHRAE standard” means the minimum American Society of Heating, Refrigerating, and Air–Conditioning Engineers (ASHRAE) standard 90.1–2019 (Energy Standard for Buildings Except Low–Rise Residential Buildings). “Program” means the Mechanical Insulation Installation Grant Program. “Qualified expenses” means a capital investment of at least $10,000 for the installation of mechanical insulation, in a manner that complies with the minimum ASHRAE standard in effect at the time of the investment, on a commercial or industrial property in the State. “Qualified expenses” includes: amounts paid for the purchase of mechanical insulation installed on the property; and labor costs paid for the preparation, assembly, and installation of mechanical insulation on the property. “Qualified expenses” does not include capital investments for the installation of mechanical insulation that are required by statute, regulation, or code. There is a Mechanical Insulation Installation Grant Program in the Administration. The purpose of the Program is to provide grants to individuals, nonprofit organizations, and business entities for a portion of the qualified expenses paid or incurred to install mechanical insulation on a commercial or industrial property. The Administration shall: administer the Program; establish application procedures for the Program; and award grants from the Program. Subject to the availability of money in the Fund, an individual, a nonprofit organization, or a business entity may apply for a grant under the Program for qualified expenses paid or incurred to install mechanical insulation on a commercial or industrial property. A grant awarded under the Program may not exceed the lesser of: 30% of the total amount of qualified expenses paid or incurred by the applicant; or $20,000. There is a Mechanical Insulation Installation Grant Fund. The Administration shall administer the Fund. The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article. The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund. The Fund consists of: money appropriated in the State budget to the Fund; and any other money from any other source accepted for the benefit of the Fund. The Fund may be used only for: providing grants under the Program to eligible applicants; and administrative costs of the Program. The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested. Any interest earnings of the Fund shall be credited to the General Fund of the State. The Administration shall adopt regulations to carry out this section.