H135 - Efficient and Affordable Energy Rates Bill

• Requires the North Carolina Utilities Commission to establish inverted tiered electricity rates for residential, commercial, public, and industrial customers to promote energy conservation and efficiency, with higher rates for greater consumption and peak demand periods.

• Mandates residential tiered rates be designed to achieve a 40-60% statewide reduction in electricity consumption from 2010 levels within 10 years while protecting low-income families and rental units from negative economic impacts.

• Creates the Energy Efficiency Public Benefit Loan Fund administered by a third-party administrator to issue loans and grants to customers for energy efficiency and renewable energy projects, with loan payments integrated into monthly utility bills.

• Imposes a 5% privilege tax on energy-inefficient household products sold at retail and a 5% excise tax on such products imported into the state, with proceeds funding the Energy Efficiency Public Benefit Loan Fund.

• Effective January 1, 2012.