Starting next month, Duke Energy customers in South Carolina will experience higher electricity rates following the approval of a settlement agreement by the state’s Public Service Commission on Monday. The agreement, submitted in May and involving various consumer, environmental, and industrial groups, outlines rate increases set to take effect this summer and again in two years.
From August 1, a typical residential customer consuming 1,000 kilowatt-hours will see their monthly bill rise by approximately 8.7%, equating to an extra $12.06 per month. Additionally, another rate hike will occur on August 1, 2026, increasing residential rates by an additional 4.3%, or $6.42 per month for the same energy usage.
Commercial and industrial customers will also face rate hikes, with average increases of around 4.6% for commercial customers and 4.4% for industrial customers, effective August 1, 2024. However, the actual rate changes will vary based on customer class and size.
Duke Energy officials emphasized that the new rates are crucial for maintaining and upgrading infrastructure, ensuring reliable service, and integrating more sustainable energy sources.
The settlement agreement reflects a collaborative effort among various stakeholders to balance the need for infrastructure improvements with the impact on consumers. Despite the increase, Duke Energy assures that they are committed to helping customers manage their energy usage and costs through various programs and resources.
The approved rate hikes mark the first major increase for Duke Energy’s South Carolina customers in several years and come amid rising operational costs and a push towards more sustainable energy practices.
In addition to the rate adjustments, the settlement allows Duke Energy to recover new investments in efficient natural gas, nuclear, solar, and hydroelectric units, along with grid upgrades and new corporate headquarters costs. The settlement also approved a $2 million fund at shareholder expense to study and support low-income customer programs, aiming to enhance assistance and participation in energy savings initiatives.
As the new rates take effect, consumers are encouraged to explore energy-saving measures and take advantage of Duke Energy’s efficiency programs to mitigate the impact of the higher bills. For more information on these programs, visit Duke Energy.
