NC H377

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

Mandates residential tiered rates be scaled to achieve a 40-60% statewide reduction in electricity consumption from 2015 levels within 10 years, with exemptions for low-income rental households earning below 150% of the federal poverty level.

Creates the Energy Efficiency Bank to provide low-interest loans to customers for energy efficiency and renewable energy projects, with loan payments integrated into monthly utility bills and based on projected energy savings.

Imposes a 5% tax on sales of energy inefficient household products that do not qualify for the Energy Star label, with tax proceeds funding the Energy Efficiency Bank.

Takes effect January 1, 2016.