Promoting Exchanges for Enhanced Routing of Information so Networks are Great Act of 2018 or the PEERING Act of 2018 This bill requires the Department of Commerce to award grants for entities to acquire real property and necessary equipment to establish a new Internet exchange facility in areas where there are no existing Internet exchange facilities, or to expand operations at an existing Internet exchange facility where there is only one Internet exchange facility. An Internet exchange facility is the physical infrastructure through which Internet service providers and content delivery networks exchange Internet traffic between their networks. The bill amends the Communications Act of 1934 to allow schools, libraries, and rural health care providers that receive funds to pay for telecommunications to use the funds to contract with a broadband provider to obtain a connection at an Internet exchange facility or to pay the costs for maintaining a connection at such a facility.