Duke Energy launches EV charger rental program in North Carolina

Rhea-AI Summary

Duke Energy has launched an EV charger rental program in North Carolina, approved by the North Carolina Utilities Commission, allowing customers to lease an EV charger at a low monthly cost. The program offers a wide range of charger options for residential and non-residential customers, supporting the state's clean energy goals. Duke Energy has a variety of customer programs to prepare for the electric vehicle transition, including Charger Prep Credit program and a 12-month EV charging subscription pilot program. The company is executing an aggressive clean energy transition to achieve net-zero carbon emissions from electricity generation by 2050.

Insights

Energy Industry Analyst

The introduction of Duke Energy's EV charger rental program represents a strategic move to capitalize on the accelerating electric vehicle (EV) adoption rates. By providing customers with a low monthly fee option for EV chargers, Duke Energy is positioning itself as a facilitator for the EV transition, which could lead to an increase in electricity demand and subsequently, revenue growth. This initiative also aligns with broader industry trends where utilities are increasingly becoming involved in the EV charging infrastructure market.

From an industry perspective, the program could serve as a benchmark for other utilities considering similar offerings. The rental model mitigates the high upfront costs associated with EV charger installation, potentially accelerating EV adoption rates. The impact on Duke Energy's financials could be multifaceted, including a stable revenue stream from monthly rental fees and increased electricity sales. However, the capital expenditure required to deploy this program and the ongoing operational costs will be critical factors in determining its long-term profitability.

Environmental Policy Expert

Duke Energy's Charger Solution program supports North Carolina's clean energy goals and demonstrates a proactive approach to environmental policy adherence. By facilitating the transition to EVs, the utility is contributing to the reduction of greenhouse gas emissions, which is consistent with state and federal objectives. The program's alignment with policy goals may also position Duke Energy favorably for potential future regulatory incentives or subsidies aimed at encouraging clean energy initiatives.

Moreover, the program's potential to drive EV adoption could have broader environmental benefits, such as improved air quality and a reduction in reliance on fossil fuels. The company's commitment to net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050 further emphasizes its dedication to clean energy transitions. These environmental targets may enhance Duke Energy's reputation among environmentally conscious investors and consumers, potentially impacting its market valuation positively.

Market Research Analyst

The EV charger rental program could also have implications for customer retention and satisfaction. By offering a variety of charger solutions and simplifying the charging process for both residential and business customers, Duke Energy may improve its competitive position in the market. The customer-focused approach and the ability to provide reliability are likely to have a positive effect on customer loyalty and could act as a differentiator in a market where consumers are increasingly valuing sustainability and convenience.

It is important to monitor the adoption rates of these programs and customer feedback to gauge the success and potential expansion of similar offerings. The high interest in the EV charging subscription pilot program indicates a strong market demand for such services. As Duke Energy seeks regulatory approval for similar programs across its service areas, the scalability and replicability of these programs could be a significant factor in their potential to impact the company's market share and growth trajectory.

• Charger Solution program helps customers avoid upfront EV charger costs while paying a low monthly fee
• The utility's comprehensive North Carolina electric vehicle customer programs help streamline EV transition 

CHARLOTTE, N.C., Jan. 29, 2024 /PRNewswire/ -- As the pace of electric vehicle (EV) adoption accelerates nationwide, Duke Energy has launched an EV charger rental program in North Carolina that enables residential and business customers to lease an EV charger from the company at a low monthly cost, which covers hardware, warranty and maintenance.

The Charger Solution program – approved by the North Carolina Utilities Commission last August – offers customers a wide range of charger options and guides customers through the selection process when evaluating charging station options. 

"Duke Energy continues to prepare for the electric vehicle transition, as more customers consider and choose EVs," said Kendal Bowman, Duke Energy North Carolina president. "By offering a variety of charger solutions, we hope our customers feel confident that they have a choice to fit their needs, with the reassurance they can rely on our expertise for maintenance." 

Simplified charging options for home and business 

Designed for customers who may not want to pay the upfront cost of purchasing a charger but still want the convenience of faster charging, the program enables customers to select from a number of chargers based on their individual preference, lifestyle or business needs. 

Residential options start at around $14 per month and include a three-year rental term for a Level 2 charger, which can typically fully recharge an all-electric vehicle within eight to ten hours. Non-residential options vary based on the charger and include a four-year rental term for a Level 2 charger or a seven-year rental term for a DC Fast Charger. 

For non-residential customers – which includes businesses and multifamily dwellings – the program helps maximize reliability and efficiency by eliminating the hassle that can come with maintaining a charger. It also allows these customers to highlight chargers as an amenity without the typical initial capital outlay. 

Electrification in the Fastlane 

Duke Energy's Charger Solution program supports the state's clean energy goals, including 1.25 million EVs in North Carolina by 2030. Its launch comes on the heels of a successful first year for the company's Charger Prep Credit program, which has helped more than 6,000 North Carolinians prepare for a Level 2 charger by providing a credit to help defray the cost to upgrade their existing electrical infrastructure at their home or business. 

The complementary Charger Solution and Charger Prep Credit programs are part of Duke Energy's 'EV Complete' suite of customer program offerings in North Carolina. Together, they can help streamline the transition to an EV for customers by preparing the home for a charger and simplifying the decision-making process. 

As part of what will eventually be a managed charging suite of offerings, Duke Energy also launched a 12-month EV charging subscription pilot program last September in North Carolina – the Home Charging Plan. The pilot allows enrolled residential customers in the state to charge an EV at home for up to 800 kilowatt hours (kWh) per month for a fixed monthly fee. Participating customers allow Duke Energy to manage charging through their automaker app and participate in periodic demand response events.

Periodic demand response events will help Duke Energy operate the grid more effectively by shifting demand on the grid to hours of the day where clean energy supply is more available or cost effective for customers. The subscription pilot – which generated high participation interest – is currently closed to new enrollments in North Carolina. 

North Carolina is the first Duke Energy service territory where the company has implemented three core EV customer programs designed to help customers make a seamless transition to electric. Access to the complete ecosystem of offerings, not only helps customers but also allows the company to better manage electrical demand across the grid and drive affordable, reliable and clean energy for all customers. 

"We develop our EV programs the same way we do all of our programs – with a customer-focused approach intended to serve their individual and business needs and lifestyles by offering a menu of options," said Lon Huber, senior vice president of pricing and customer solutions. "A variety of programs not only benefits our customers, but it helps Duke Energy provide the reliability that our customers count on every day." 

Duke Energy has efforts underway to file for regulatory approval of similar programs across all its service areas. In total, the company has 17 active and approved EV programs and two pending approval. 

For more information on Duke Energy EV programs in North Carolina, visit EV Program Guide (duke-energy.com)

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 27,600 people. 

Duke Energy is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company has interim carbon emission targets of at least 50% reduction from electric generation by 2030, 50% for Scope 2 and certain Scope 3 upstream and downstream emissions by 2035, and 80% from electric generation by 2040. 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 2023 "World's Most Admired Companies" list and Forbes' "World'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. 

Media contact: Logan Kureczka
Media line: 800.559.3853

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SOURCE Duke Energy

FAQ

What is Duke Energy's EV charger rental program in North Carolina?

Duke Energy has launched an EV charger rental program in North Carolina, allowing residential and business customers to lease an EV charger at a low monthly cost.

What are the rental options for residential customers under Duke Energy's Charger Solution program?

Residential options start at around $14 per month and include a three-year rental term for a Level 2 charger.

What is Duke Energy's Charger Prep Credit program?

The Charger Prep Credit program has helped more than 6,000 North Carolinians prepare for a Level 2 charger by providing a credit to help defray the cost to upgrade their existing electrical infrastructure at their home or business.

What are Duke Energy's clean energy goals for North Carolina?

Duke Energy supports the state's clean energy goals, including 1.25 million EVs in North Carolina by 2030.

What other EV programs does Duke Energy offer in North Carolina?

Duke Energy offers a 12-month EV charging subscription pilot program, the Home Charging Plan, and is implementing three core EV customer programs to help customers make a seamless transition to electric.

What are Duke Energy's clean energy transition goals?

Duke Energy is executing an aggressive clean energy transition to achieve net-zero carbon emissions from electricity generation by 2050.