Regulated Renewables On The Fast Track
Given that the cost of renewable generation is declining, don’t be surprised to see more of it in Duke Energy’s regulated service territories.
In 2013, the company formed the Renewable Generation Development organization to focus on adding cost-effective renewables throughout the six states we serve.
Three of these states the company serves have either mandatory or voluntary renewable portfolio standards for such sources as wind, solar, biomass and energy efficiency.
Duke Energy is already a leader in providing renewables to its customers. In 2013, the Solar Electric Power Association ranked the company eighth among utility companies for buying solar power for customers.
In North Carolina, the company won approval of its Green Source Rider, which allows certain large customers the option of offsetting some or all of their energy consumption from new load – such as a new or expanded facility – with renewable energy. Under the program, the company will purchase or produce renewable energy to meet the new demand – without the additional costs affecting other customers.
In South Carolina, the company helps fund a program through Palmetto Clean Energy that is backing solar installations at five schools in the state.
In Florida, the company committed more than $5 million in 2014 under its SunSense solar program. This included $3.2 million in rebates for residential and commercial solar installations and $1.8 million to help 11 schools install solar energy systems.