Duke Energy PowerPair pilot program enrollment surpasses 1,300 customers in North Carolina

Rhea-AI Summary

Duke Energy's PowerPair pilot program in North Carolina has enrolled over 1,300 customers since its launch in May 2024. The program offers up to $9,000 in incentives for residential customers installing new solar plus battery systems. Participants can choose between a residential solar choice rider (RSC) or a net metering bridge rider (NMB), with NMB customers receiving additional monthly bill credits for allowing Duke Energy to adjust their battery settings periodically.

The program aims to make home solar plus battery systems more affordable and help manage low carbon grids. Duke Energy is exploring ways to enhance the pilot for customers unable to purchase systems upfront, potentially focusing on income-qualified customers, those dependent on medical devices, or non-residential customers. The company ranks fourth nationally in overall solar power, with about 45,000 customers generating 350 megawatts through solar panels.

Positive

• Enrolled over 1,300 customers in the PowerPair pilot program since May 2024
• Offers up to $9,000 in incentives for residential solar plus battery systems
• Exploring options to expand the program to income-qualified and other customer segments
• Duke Energy ranks fourth nationally in overall solar power

Negative

• None.

Insights

Energy Market Analyst

The recent success of Duke Energy's PowerPair pilot program indicates a strong market interest in the integration of home solar installations with battery energy storage. This pilot program, which has enrolled over 1,300 customers, provides up to $9,000 in incentives for residential customers, making renewable energy solutions more accessible and affordable. The program's alignment with the North Carolina Utilities Commission’s directives illustrates Duke Energy's proactive approach in adapting to regulatory changes and customer demands. This initiative will likely drive further adoption of residential solar plus storage systems, enhancing energy resilience and reducing grid reliance. For investors, this initiative underscores Duke Energy's commitment to expanding its clean energy portfolio, which is important for long-term growth amidst the increasing shift towards sustainable energy solutions.

Financial Analyst

Duke Energy’s PowerPair pilot program could be a significant growth driver for the company. By offering substantial financial incentives, Duke Energy positions itself as a leader in the renewable energy market, particularly in a state like North Carolina, which already ranks fourth in the nation for solar power. The pilot's initial success with over 1,300 enrollees could translate into increased customer loyalty and a broader customer base. Additionally, the program's focus on integrating battery storage systems with solar installations can lead to enhanced grid stability and potentially lower operational costs. From a financial perspective, the move should positively impact Duke Energy's revenue streams by increasing participation in renewable energy programs, driving higher customer satisfaction and potentially lowering costs associated with grid maintenance and energy production.

Tech Expert

The integration of battery energy storage with home solar installations as evidenced by Duke Energy's PowerPair pilot program marks a notable advancement in residential energy technology. By allowing participants to enroll in net metering bridge rider programs and receive additional credits for grid contributions, Duke Energy is leveraging cutting-edge technology to optimize energy distribution and consumption. This approach not only supports grid reliability but also empowers consumers to play an active role in energy management. The success of this program can prompt further innovation and development in smart home energy solutions, fostering a more sustainable and efficient energy ecosystem. It's a forward-thinking strategy that aligns well with the growing trend of decentralized and customer-centric energy solutions.

• Program to pair home solar installations with battery energy storage continues to help advance rooftop solar 
• Company is looking at ways to enhance pilot to make it available to more customers

CHARLOTTE, N.C., July 22, 2024 /PRNewswire/ -- Duke Energy (NYSE: DUK) has enrolled more than 1,300 customers in North Carolina in its new PowerPair^SM pilot, a one-time incentive-based program designed to help make a home solar plus battery system more affordable for customers.

Approved by the North Carolina Utilities Commission (NCUC) in January 2024 and launched in May 2024, the pilot program offers up to $9,000 in incentives for residential customers who install a new solar plus battery system. The total incentive is based on the approved capacity of the solar array and battery installed. PowerPair was designed in collaboration with numerous stakeholder groups at the direction of the NCUC.

"North Carolina already ranks fourth in the nation for overall solar power with approximately 45,000 Duke Energy customers generating about 350 megawatts through solar panels," said Meghan Dewey, vice president of products and services for Duke Energy. "PowerPair is a valuable solution for our customers ready to invest in solar plus storage for their homes. It is one of several ways we're helping our customers save energy and money, while continuing to explore new ways to help manage low carbon grids of the future."

More customer options encourage participation

Participants in the pilot may choose to enroll in PowerPair on a residential solar choice rider (RSC) or through a net metering bridge rider (NMB) and receive a one-time incentive of up to $9,000. NMB customers additionally enroll in the company's new Power Manager^® and EnergyWise Home^® battery option and receive additional monthly bill credits for allowing Duke Energy to periodically adjust their battery system's operating setting for a temporary period to provide stored electricity back to the grid, which benefits all customers.

"Duke Energy is diving headfirst into our next iteration of solar rebate programs to match the increased need to pair solar and battery," said Dewey. "We're already seeing that PowerPair is proving to be quite popular with customers, and our team is hard at work to develop what comes next for innovative solar and battery storage offerings."

The PowerPair pilot has remaining capacity and continues to take applications. Customers can view the approved battery vendor list and information on equipment eligibility (not all systems will be eligible) at duke-energy.com/PowerPair. Participating PowerPair customers must employ a Duke Energy Trade Ally, a solar and battery installer that has been approved by Duke Energy. Customers can use the company's Find It Duke program here.

Expanded offerings coming soon

As Duke Energy prepares to fulfill incentives for its initial PowerPair participants, it is also looking at ways to enhance the pilot for other customers who may not be able to purchase a new solar and battery system upfront. The company will be collaborating with stakeholders on several options that could focus specifically on income-qualified customers, customers dependent on medical devices, or a comparable program for non-residential customers or other targeted participants.

"It was important to first commit to a successful initial PowerPair launch and ensure that the pilot got off the ground smoothly, and we accomplished that," said Dewey. "We are excited to now turn our attention to developing additional offerings that fit a broader scope of our customers' varying needs and lifestyles."

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. The company's electric utilities serve 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 54,800 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.

Duke Energy is executing an ambitious clean energy transition, keeping reliability, affordability and accessibility at the forefront as the company works toward net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company is investing in major electric grid upgrades and cleaner generation, including expanded energy storage, renewables, natural gas and nuclear.

More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.

Contact: Logan Stewart
24-Hour: 800.559.3853
Twitter: @DE_LoganS

 

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SOURCE Duke Energy

FAQ

What is Duke Energy's PowerPair pilot program and how many customers have enrolled?

Duke Energy's PowerPair pilot program is an incentive-based initiative for residential solar plus battery systems in North Carolina. As of July 2024, over 1,300 customers have enrolled in the program since its launch in May 2024.

How much incentive does Duke Energy (DUK) offer through the PowerPair program?

Duke Energy (DUK) offers up to $9,000 in incentives for residential customers who install a new solar plus battery system through the PowerPair program. The total incentive is based on the approved capacity of the solar array and battery installed.

What options are available for customers enrolling in Duke Energy's PowerPair program?

Customers can enroll in PowerPair through either a residential solar choice rider (RSC) or a net metering bridge rider (NMB). NMB customers can also enroll in Power Manager and EnergyWise Home battery options for additional monthly bill credits.

How is Duke Energy (DUK) planning to expand the PowerPair program?

Duke Energy (DUK) is exploring ways to enhance the PowerPair pilot for customers who may not be able to purchase systems upfront. They are considering options for income-qualified customers, those dependent on medical devices, and potentially non-residential customers.