Duke Energy’s Focus on Affordability Grows, Surpassing $70 Million in Aid to Customers, Communities Since 2021

Rhea-AI Summary

Duke Energy (DUK) Invests Over $70 Million in Nonprofits and Programs to Support Low-Income Customers and Energy Efficiency

Positive

• Duke Energy and its Foundation have invested over $70 million since the beginning of 2021 to support nonprofits and programs dedicated to helping those in need, focusing on affordability grants, bill pay assistance, and energy efficiency programs.

Negative

• None.

• More than $14.5 million to Share the Light Fund® to help low-income customers with bill pay assistance
• Over $40.4 million invested in energy efficiency programs
• Launching new program to assist seniors with critical home repairs

CHARLOTTE, NC / ACCESSWIRE / August 10, 2023 / Duke Energy and its Foundation are marking the milestone of investing more than $70 million since the beginning of 2021 to support nonprofits and other programs dedicated to help those in need. The funding, which has been growing each year, focuses on three areas: current and new affordability-focused Foundation grants, bill pay assistance for low-income customers and energy efficiency programs.

"Affordability continues to be top of mind for us as our customers and communities continue to feel financial strain from the rising cost of basic needs, like food," said Amy Strecker, president, Duke Energy Foundation.

"Continuing to listen to our neighbors about their needs is critical to how we show up in our local communities. With seniors struggling to safely age in place and making impossible decisions between critical home repairs and basic needs, our partnership with Rebuilding Together enables us to address this need by funding repairs and providing volunteers to work alongside licensed experts."

Critical home repairs for seniors

This year, the Duke Energy Foundation expanded its affordability focus to include critical home repairs coupled with employee volunteerism for seniors. Providing home repairs helps to enable seniors to better afford other basic needs, including food, medical care and utilities. The $356,000 in 2023 Foundation giving is focused across its jurisdictions. Duke Energy employees will also volunteer more than 1,300 hours, alongside organizations like Rebuilding Together, to help provide improvements to senior homes.

Rebuilding Together is the leading national nonprofit organization repairing the homes of people in need and revitalizing our communities, with a network of affiliates across the country, and the primary grantee for senior affordability.

"The need for safe and healthy housing for older adults is critical because most of the existing housing stock in the U.S. is not designed to accommodate the physical and cognitive changes a person experiences as they age," said Caroline Blakely, president and CEO, Rebuilding Together. "With support from the Duke Energy Foundation, we are providing older adults with critical home repairs and safety modifications to help them safely age in place."

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.

Since last year, Duke Energy and its Foundation have committed nearly $14.5 million in the Share the Light Fund, which serves low-income customers with utility bill pay assistance including connection/reconnection charges and deposits to more than 26,000 households annually. 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. Duke Energy is investing more than $40.4 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 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.

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SOURCE: Duke Energy

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FAQ

What is Duke Energy (DUK) announcing?

Duke Energy and its Foundation are announcing an investment of over $70 million since the beginning of 2021 to support nonprofits and programs dedicated to helping those in need.

What areas does the funding focus on?

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

Why is affordability important to Duke Energy (DUK)?

Affordability is important to Duke Energy as their customers and communities continue to feel financial strain from the rising cost of basic needs.

What is the goal of the new program being launched?

The new program aims to assist seniors with critical home repairs.