Why Duke Energy Says Rates for Electricity Are Going Down

CHARLOTTE, N.C. — When Duke Energy’s electric rates go down on January 1, 2025, users could save money.

Duke Energy Carolinas announced earlier this year that the price of fuel used to make energy at its power plants would go down by 3.6% starting in January. This is part of an annual change that happens to the price of fuel. Duke Energy says that most of their customers will save about $5 a month on their bill. Duke says this is 23% less than the national rate and will bring the average home bill down to $137.

Regulators are considering a suggested rate cut for Duke Energy Progress customers. If the plan is accepted, rates will go down for those customers in December.

We always like it when our power bills go down, but Duke has temporarily raised its rates in North Carolina. Because of a deal with the North Carolina Utilities Commission, Duke Energy rates went up 1.5% in North Carolina on September 1.

Duke said that the 8.8% drop in fuel prices is the main reason why rates are going down.

About 2.9 million people in North Carolina and South Carolina get their energy from Duke Energy Carolinas.