Starting from the hierarchy of equations for microscopic densities in phase space, a general theory for fluctuations and correlations in a dilute granular gas of hard particles is developed. Then, the particular case of the homogeneous cooling state is addressed. Explicit expressions for some distributions describing the presence of velocity correlations and their dynamics are obtained. These correlations are inherent to the dissipative dynamics of the collisions. The implications for the behavior of the total energy of the system are analyzed and the results are expressed in terms of a fluctuation-dissipation theorem. The theoretical predictions are shown to be in agreement with results obtained by molecular dynamics simulations, which also indicate that energy fluctuations are well described by a Gaussian distribution.