Duke Energy to help customers go 100% renewable

Rhea-AI Summary

Duke Energy (NYSE: DUK) has announced an expansion of its Green Source Advantage (GSA) program, enhancing customer access to 100% renewable energy and energy storage solutions. The revised program will enable customers to contract for up to 4,000 megawatts, more than tenfold the current capacity, allowing for continuous clean energy use. Customers can now secure renewable energy to meet their sustainability goals and work directly with Duke Energy or independent developers. Additionally, the Clean Energy Impact program will offer month-to-month contracts for residential customers, supporting local renewable initiatives without long-term commitments.

Positive

• Expansion of GSA program to 4,000 megawatts capacity, enhancing renewable energy access.
• Allows customers to contract for 100% of their energy use, up from 30%.
• Introduces energy storage options, aligning energy production with demand.
• Clean Energy Impact program offers flexibility with no long-term commitments for residential customers.

Negative

• None.

• Expanded offerings for Green Source Advantage allows path to 24x7 renewable energy, and option for energy storage
• Company proposes renewable program for residential customers with no long-term commitments

CHARLOTTE, N.C., Jan. 31, 2023 /PRNewswire/ -- Duke Energy (NYSE: DUK) has proposed a major expansion to its Green Source Advantage (GSA) program, giving customers the option to supplement their power usage with 100% renewable power – and the ability to pair renewable projects with energy storage.

Details for the GSA Choice program were outlined in a filing with the North Carolina Utilities Commission.

"Many of our large business customers seek renewable power sources and are making decarbonization a long-term part of their business plans," said Lon Huber, Duke Energy's senior vice president, Pricing and Customers Solutions. "Duke Energy is proud to offer these customers a wide range of options including the ability to increase their hourly use with carbon-free energy in one of the country's first time-aligned clean-energy programs."

Duke Energy's GSA program was launched in 2017, and has been used by customers such as the City of Charlotte, Bank of America, Wells Fargo and Duke University. The changes build and expand on that program.

Up to 4,000 megawatts of capacity will be available under the GSA Choice program, which is more than 10 times the capacity now available. It will provide customers a path towards having 24x7 clean energy. It allows large customers to offset their power purchases by securing renewable energy from projects connected to the Duke Energy grid. The customer may count the renewable energy generated to satisfy their sustainability goals.

Among the changes to the program:

• Customers can contract for up to 100% of their energy use. Previously, the program's details only allowed for about 30% of total energy use.
• Customers can work directly with Duke Energy or independent developers for their long-term purchase of renewable energy.
• Customers may also combine energy storage with their project – allowing them to align the production of renewable energy with their energy load.
• Duke Energy is also proposing a new 10-year avoided cost bill credit option in addition to the existing hourly, 2-year and 5-year options.

Clean Energy Impact

Another program being proposed – Clean Energy Impact – is ideal for customers who  want to claim a certain percentage of renewable energy through environmental attribute purchases in support of corporate sustainability goals, or for residential customers that would like to support the local renewable energy industry.

The program with feature locally source renewable energy certificates (RECs); month-to-month contracts with no long-term commitments. Clean Energy Impact will be available to residential customers, who can purchase renewable energy to match their energy use at the level of their choosing. It will be ideal for renters, or customers who aren't able or looking to install solar.

"We're continuing to fine-tune our renewable energy options for all customers and are looking at programs such as community solar in the future. That will allow customers to directly subscribe to the output of a solar facility," added Huber.

To learn more about these programs, business customers can visit here, while residential customers can find more information here.

Contact: Randy Wheeless
Twitter: @DE_RandyW
24-Hour: 800.559.3853

 

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SOURCE Duke Energy

FAQ

What is the purpose of Duke Energy's Green Source Advantage program expansion?

The expansion aims to provide customers access to 100% renewable energy and energy storage solutions.

How much capacity will Duke Energy's GSA program offer after the expansion?

The GSA program will offer up to 4,000 megawatts of capacity, over ten times the current availability.

What new features are included in the GSA program for customers?

Customers can now contract for up to 100% of their energy use and combine renewable energy with energy storage.

What is the Clean Energy Impact program proposed by Duke Energy?

The Clean Energy Impact program allows residential customers to purchase renewable energy with month-to-month contracts and no long-term commitments.

When was the announcement about the GSA program expansion made?

The announcement was made on January 31, 2023.