H874 Summary

• Creates NC SAVE$ ENERGY as an independent statewide energy efficiency program administered by an 11-member Oversight Board appointed by the North Carolina Utilities Commission, Governor, Speaker of the House, and President Pro Tempore of the Senate.

• Establishes the NC SAVE$ ENERGY Fund supported by a public benefits fee charged to residential electric customers at $0.0008 per kilowatt hour and residential natural gas customers at 1 cent per therm, with exemptions for customers earning less than $30,000 annually.

• Requires minimum 75% of fund allocation to residential efficiency programs (emphasizing low-income weatherization), with maximum 10% for institutional buildings, 8% for workforce training and job creation, and 7% for administrative costs.

• Authorizes the Oversight Board to contract with utilities, nonprofits, local governments, financial institutions, and other entities to implement energy efficiency and conservation programs focused on homes built before 1990, appliances, heating/cooling systems, and workforce development.

• Mandates annual reporting to the legislature on program contracts and energy savings results, with initial report deadline of October 1, 2012, and board appointments to be completed within 120 days of the act's effective date of October 1, 2011.