NC H401

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 usage.

Mandates separate rate structures for each customer class, with residential rates 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.

Creates the Energy Efficiency Public Benefit Loan Fund to provide loans and grants to customers for energy efficiency and renewable energy projects, with loan payments integrated into monthly utility bills and based on projected savings.

Imposes a 5% tax on sales of energy inefficient household products that do not qualify for the Energy Star label, with proceeds directed to fund the Energy Efficiency Public Benefit Loan Fund.

Takes effect January 1, 2014.