A legislative oversight committee is created. The committee shall consist of 3 members of the house of representatives appointed by the speaker of the house of representatives and 3 members of the senate appointed by the majority leader of the senate. The committee shall report to the legislature at intervals of 2 years each on the costs and benefits of the Michigan residential conservation services program, residential conservation programs provided for in section 6c of Act No. 3 of the Public Acts of 1939, the weatherization analysis provided for in this act, and residential conservation programs authorized by order of the Michigan public service commission and existing on the effective date of this act, which are funded by utility surcharges. The report shall make recommendations to the legislature as to whether the costs and benefits of programs warrant continuation or modification.