Starting this month, Duke Energy Carolinas will be reducing electric rates for customers across central and western North Carolina. Residential customers using 1,000 kilowatt-hours monthly now pay $135.35, a 6.2% decrease from $144.31, saving $8.96 per month. This rate is approximately 22% below the national average of $174.21, saving typical customers about $466 annually, according to a press release from the company.
Commercial customers see an 11.5% average reduction, while industrial customers experience less than 1% decreases. These adjustments affect 2.2 million households and businesses served by Duke Energy Carolinas.
The rate reduction stems from multiple factors reviewed by the North Carolina Utilities Commission (NCUC). Key adjustments include an 8.8% decrease reflecting lower fuel costs, a 0.6% decrease due to nuclear production tax credits from the Inflation Reduction Act, and a 2.9% increase in base rates approved last year.
Overall, Duke Energy notes that falling fuel costs have offset the base rate increases, resulting in significant savings for customers.
