NC H427

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 usage charged at higher per-kilowatt-hour rates.

Mandates that residential tiered rates be scaled to achieve a 40% to 60% statewide reduction in electricity consumption within 10 years and includes exemptions from higher tiered rates for low-income renters earning less than 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, funded through proceeds from a new 5% tax on energy-inefficient household products and other sources.

Establishes a 5% "avoidable pollution tax" on retail sales of Energy Star non-qualified household products and excise tax on such products sold for use in North Carolina, with proceeds directed to the Energy Efficiency Bank.

Requires industrial customers to submit energy audits every three years; those operating at 90% or greater efficiency receive lower tier rates while those below 90% efficiency pay higher rates for excess usage.