Duke Energy aid for customers, communities rises to $40 million

Rhea-AI Summary

Duke Energy announces a significant investment of over $40 million aimed at aiding communities facing financial struggles due to rising living costs. The funding will focus on grants for nonprofits, bill pay assistance through the Share the Light Fund, and energy efficiency programs. Key allocations include $600,000 for new grants, $8.2 million for nonprofit operational flexibility, $8.8 million for customer bill assistance, and $22.6 million for energy efficiency initiatives.

Positive

• Duke Energy has committed over $40 million to community support, addressing critical needs such as food insecurity and bill assistance.
• The investment includes $8.8 million directed to the Share the Light Fund, aiding low-income households with utility bills.

Negative

• None.

• $600,000 to basic needs support, including food insecurity
• $8.2 million in flexibility for nonprofits to use funds to offset rising expenses
• More than $8.8 million to Share the Light Fund to help low-income customers with bill pay assistance
• Investing more than $22.6 million in energy efficiency programs

CHARLOTTE, N.C., July 20, 2022 /PRNewswire/ -- As communities continue to feel financial strain due to the rising cost of basic needs like food and transportation, Duke Energy and its Foundation are investing more than $40 million to support nonprofits and other programs dedicated to help those in need. The funding focuses on three areas: current and new Foundation grants, bill pay assistance for low-income customers and energy efficiency programs.

"Our communities have faced continuous challenges in recent years, and we know many are still struggling. Our nonprofit partners have shared basic needs like food insecurity, transportation costs, medical assistance and housing are the primary requests received from their clients," said Katherine Neebe, president, Duke Energy Foundation. "We're responding to the direct needs of our local communities and will continue to look for ways we can make an impact."

Duke Energy Foundation
The Duke Energy Foundation funding includes $600,000 in new Foundation grants and more than $8.2 million in flexibility for nonprofits that have received grants of $20,000 or less from 2021 to 2022 year to date. Grantees will have the ability to use the programmatic funds to cover rising general operating expenses pressured by inflation.

Passage Home in Raleigh, N.C., an organization that provides housing for veterans, received a new $15,000 grant.

"Our clients constantly need to make tough decisions with their limited resources. They often must choose between daily necessities and make a difficult decision based on what's best for their family: Gas or healthy food? On-time rent or utilities? Low-wage work or education with future potential for higher earnings? These are difficult choices that many of our clients live with every day. And increased rent, gas, groceries and child care have only made these decisions more difficult," said Seth Friedman, CEO, Passage Home. "With this donation from Duke Energy, Passage Home will help dozens of clients move from insecure footing to a stable foundation. Passage Home will use this support to remove some of these tough decisions for our clients who are moving toward self-sufficiency."

Share the Light Fund
In addition to the grant funding, the company is also providing support for customers through its Share the Light Fund and energy efficiency programs.

This year, Duke Energy and its Foundation will invest more than $8.8 million in the Share the Light Fund, which serves low-income customers with utility bill pay assistance including connection/reconnection charges and deposits to over 26,000 households. Employees, customers and Duke Energy shareholders contribute to these funds. Customers who would like to access funds can visit Share the Light Fund to learn more.

Energy Efficiency Assistance
The company's customers – from families to factories – have depended on the energy efficiency programs to save both energy and money. In 2022, Duke Energy is investing more than $22.6 million in these programs including our Neighborhood Energy Saver, Payment Plus, Refrigerator Replacement and Weatherization programs. To learn more about these programs, customers can visit income-qualified services.

Duke Energy will continue to engage with communities to learn how the company can make a positive impact for those it serves.

Duke Energy Foundation

The Duke Energy Foundation provides philanthropic support to meet the needs of communities where Duke Energy customers live and work. The foundation contributes more than $30 million annually in charitable gifts, and is funded by Duke Energy shareholder dollars. More information about the foundation can be found at duke-energy.com/foundation. 

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. Its electric utilities serve 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 50,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 28,000 people.

Duke Energy is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business and at least a 50% carbon reduction from electric generation by 2030 and net-zero carbon emissions by 2050. The 2050 net-zero goals also include Scope 2 and certain Scope 3 emissions. In addition, the company is investing in major electric grid enhancements and energy storage, and exploring zero-emission power generation technologies such as hydrogen and advanced nuclear.

Duke Energy was named to Fortune's 2022 "World's Most Admired Companies" list and Forbes' "America's Best Employers" list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

Contact: Shawna Berger
24-Hour: 800.559.3853
Twitter: @DE_ShawnaB

 

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SOURCE Duke Energy

FAQ

What is the total aid amount Duke Energy is providing to communities?

Duke Energy is providing over $40 million in aid to communities.

How much funding is allocated to the Share the Light Fund for bill assistance?

Duke Energy is allocating $8.8 million to the Share the Light Fund to assist low-income customers with bill payments.

What specific areas does Duke Energy's funding focus on?

The funding focuses on grants for nonprofits, bill pay assistance for low-income customers, and energy efficiency programs.

When was this announcement made by Duke Energy?

The announcement was made on July 20, 2022.

How much money is Duke Energy investing in energy efficiency programs?

Duke Energy is investing over $22.6 million in energy efficiency programs.