NC H513

Requires 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.

Mandates residential tiered rates achieve a 40% to 60% statewide reduction in electricity consumption from 2019 levels within 10 years, with exemptions for low-income rental families below 150% of federal poverty level.

Creates an Energy Efficiency Bank administered by a third-party or government agency to issue low-interest loans and grants to customers for energy efficiency and renewable energy projects, funded by pollution taxes on inefficient products and utility revenue differences.

Establishes a 5% privilege tax on retailers selling energy-inefficient household products and a 5% excise tax on inefficient products sold outside the state for use in North Carolina, with proceeds directed to the Energy Efficiency Bank.

Becomes effective January 1, 2020, with utilities required to provide customers one year of advance notice on monthly bills comparing their rates under the new tiered structure.