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Duke Energy Carolinas customer rates drop 6.2% on Jan. 1 due to falling fuel prices
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Decrease incorporates benefits from federal Nuclear Production Tax Credits, along with other rider adjustments
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Annual bills for typical residential customer are $466 below national average
CHARLOTTE, N.C., Dec. 31, 2024 /PRNewswire/ — Duke Energy Carolinas customers in North Carolina will see their electric rates fall starting Jan. 1 as part of an annual adjustment for the cost of fuel used to generate electricity at its power plants, along with other rider adjustments.
A typical residential customer in North Carolina using 1,000 kilowatt-hours (kWh) per month will see an overall decrease of $8.96, or about 6.2%, from current rates, falling from $144.31 to $135.35. That is 22% below the national average of $174.21 – a difference of approximately $466 per year.
Commercial customers will benefit from an average decrease in their bills of about 11.5%, and industrial customers will see an average decrease of less than 1%.
Duke Energy Carolinas serves about 2.2 million households and businesses in central and western North Carolina, including Charlotte, Durham and the Triad.
Elsewhere in the state, Duke Energy Progress customers are already benefiting from a 4.5% decrease that went into effect on Dec. 1.
Customer Savings Driven by Falling Fuel Prices
To ensure accurate rates, the North Carolina Utilities Commission (NCUC) annually reviews the fuel costs needed to generate electricity for customers, along with rider updates for state programs to encourage clean energy adoption and reduce energy use. The commission approved the following adjustments:
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A decrease of 8.8% to adjust for falling fuel prices.
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A decrease of 0.6% resulting from nuclear production tax credits from the Inflation Reduction Act (IRA); more than half of Duke Energy’s power in the Carolinas comes from carbon-free nuclear.
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Adjustments of less than 1% to existing riders for customer assistance, storm securitization, and energy efficiency and demand-side management programs to lower energy use.
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An increase of 2.9% to base rates, as approved last January by the NCUC in its 2024 multiyear rate case order.
The collective result is a 6.2% rate reduction for typical residential customers – in other words, the decrease from fuel more than offset the second-year increase to base rates.
Duke Energy works to actively manage fuel contracts to keep costs as low as possible for customers. Bills reflect actual fuel costs – customers pay what we pay. Learn more at Fuel Costs & Your Bill.
Duke Energy Carolinas
Duke Energy Carolinas, a subsidiary of Duke Energy, owns 20,700 megawatts of energy capacity, supplying electricity to 2.9 million residential, commercial and industrial customers across a 24,000-square-mile service area in North Carolina and South Carolina.
Great news for Duke Energy Carolinas customers! Starting on January 1, customer rates will drop by 6.2% thanks to falling fuel prices. This reduction in rates will provide some much-needed relief for customers as they start the new year. Duke Energy Carolinas is committed to providing affordable and reliable energy to their customers, and this rate decrease is just one way they are fulfilling that promise. Be sure to check your next bill to see the impact of this rate drop and enjoy the savings! #DukeEnergy #CustomerRates #FuelPrices #Savings
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