CHARLOTTE, N.C. — Good news is coming for Duke Energy customers in North Carolina. Electric rates are set to go down starting Jan. 1, 2025.
Duke Energy Carolinas announced a 3.6% decrease starting in January as part of an annual adjustment for the cost of fuel used to generate electricity at its power plants. A typical Duke Energy customer will save around $5 on their monthly bill, the company said. This will drop the average residential bill to $137, which Duke says is 23% lower than the national average.
Regulators are evaluating a proposed decrease for Duke Energy Progress customers. If approved, those customers would see rates decline starting Dec. 1.
While the news of lower electric bills is always welcome, Duke is temporarily raising its rates in North Carolina. Starting Sept. 1, Duke Energy rates will increase 1.5% in North Carolina due to a settlement with the North Carolina Utilities Commission.
The biggest influence on the dropping rates is an 8.8% drop in fuel prices, Duke said.
Duke Energy Carolinas provides electricity to approximately 2.9 million customers across North Carolina and South Carolina.