Duke Energy Corp. DUK is set to administer its application, PowerPair, for installing residential solar power generation with battery energy storage for its customers in North Carolina. PowerPair is a new incentive-based pilot program offered to DUK’s customers in Duke Energy Carolinas and Duke Energy Progress service areas.
Duke Energy has developed PowerPair in partnership with several stakeholder groups under the guidance of the North Carolina Utility Commission.
Benefits of the Program
This one-time incentive-based program, which aims to make a home solar plus battery system more accessible for its users, has the ability to provide up to $9,000 in incentives for DUK’s residential customers who install a solar plus battery system. The incentive depends on the type of solar array and battery deployed.
This pilot program offers two enrollment options for its participants. Participants can either get themselves enrolled on a residential solar choice rider or through a net metering bridge rider and win a one-time incentive of up to $9,000.
With industries across the globe increasingly adopting renewable energy as their preferred source of energy, solar power has emerged as one of the most promising among them. As electricity demand has been growing rapidly, utility companies like Duke Energy are expanding their footprint in the solar energy market to offer cost-effective and clean power to their customers.
Per a report posted by the company in May 2023, in the Carolinas, Duke Energy operated more than 45 solar facilities and had more than 4,600 MW of solar power connected to its energy grid. As of Dec 31, 2023, DUK operated 1,200 MW of solar in Florida, with plans to continue adding approximately 300 MW in 2024. With this, the company remains on track to bring 1,500 MW of solar in service by 2024-end and 6,500 MW by 2031-end. To successfully achieve this target, the company aims to make a capital investment of $1.5 billion in new solar generation during the 2025-2027 period.
Moreover, realizing solar plus battery storage as the next booming market, Duke Energy has also been expanding its footprint in the energy storage market. As of March 2023, the company’s regulated utilities had about 90 MW of battery energy storage projects in operation. Duke Energy aims to bring 2,700 MW of battery storage into service by 2031.
As Duke Energy continues to enhance its renewable energy portfolio through solar plus battery storage initiatives, it offers its customers profitable programs like PowerPair, which provide them with incentives to adopt combined solar power and battery storage residential systems from the company.
Growth Prospects
Factors like declining installation costs, increasing awareness to adopt clean energy and favorable government policies are expected to drive the global solar industry in the coming days. Meanwhile, the rapid electrification of transport and building sectors has been boosting the demand for energy storage significantly.
This has set the stage for the solar plus battery storage market to boom in the coming years. To this end, the RationalStat firm expects the global solar energy and battery storage market value to rise at a strong CAGR of more than 7.8% over the 2023-2030 period. This indicates favorable growth prospects for DUK.
Along with DUK, other utility companies like DTE Energy DTE, NextEra Energy, Inc. NEE and CMS Energy Corporation CMS are also expanding their operations to reap the benefits of the growing demand of the solar energy and battery energy storage market.
DTE Energy aims to develop 6,500 MW of solar projects by 2042. Additionally, it plans to accelerate the development of energy storage, targeting 780 MW through 2030 and 1,830 MW by 2042.
To promote clean energy, the company also has its MIGreen Power program, through which DTE Electric offers its customers the option to voluntarily source their energy usage from renewables. This program aims at substantially accelerating the development of new solar projects across Michigan.
NextEra Energy’s subsidiary, NextEra Energy Resources, expanded its contracted renewable backlog by adding 2,060 MW of renewable projects during the fourth quarter of 2023. Its backlog additions include nearly 1,005 MW of solar projects and 805 MW of battery storage projects.
As the world’s largest generator of solar energy, NEE has more than 180 MW of battery energy storage systems in operation.
CMS Energy company aims to add nearly 8,000 MW of solar generation by 2040. It also plans to deploy battery storage beginning in 2024, with 75 MW of energy storage by 2027 and an additional 475 MW by 2040.
The company has also announced plans to construct an 85 MW solar array at the former D.E. Karn coal-generating facility. The facility is expected to be operational in 2026.
ADVERTIsem*nT
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
DUK is set to administer its application, PowerPair, for installing residential solar power generation with battery energy storage for its customers in North Carolina. PowerPair is a new incentive-based pilot program offered to DUK's customers in Duke Energy Carolinas and Duke Energy Progress service areas.
Duke lists three main objectives of the PowerPair Pilot Program: (1) incentivizing eligible residential homeowners to adopt solar panels and battery storage systems, thereby supporting carbon emission reductions; (2) examining the operational effects of residential solar and energy storage on the electrical grid; and ( ...
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 Clean Energy Connection program works like this: a customer subscribes to “blocks” or shares of a solar farm that each represent one kilowatt (kW) of solar generation. Each block costs $8.35 per month. The subscribed customer gets an average credit of $0.04 for every kilowatt-hour (kWh) generated by their blocks.
Solar panel systems cost an average of $2.63 per watt in North Carolina, based on our research, a price that is 8% below the U.S. average of $2.85. At that rate, North Carolina residents can expect to pay around $21,040 for an 8 kilowatt (kW) home solar panel system.
Yes, North Carolina not only allows net metering but also has a generous cap on system generation. This allows you to “sell” excess energy back to the grid in exchange for lowering your future electric bills!
Power companies nationwide have been pushing for years to eliminate net metering, a practice they see as eating into their profits. Now North Carolina joins numerous other states in the process of phasing it out. The rules were approved in March and began phasing in by October.
The Clean Power Plan has public health and climate benefits worth an estimated $34 billion to $54 billion per year in 2030, far outweighing the costs of $8.4 billion.
Duke's short-term incentive (STI) is an annual cash sum based on the achievement of yearly performance objectives, as established by the Compensation Committee. Short-term incentives made up 16% of the CEO's target total direct compensation in 2019, and 20% of that for all other NEOs.
The Renewable Advantage program represents wind, solar and biomass generation that is verified and certified by Green-e® Energy. Duke Energy is required to disclose the quantity, type and geographic source of each certificate.
In 2022, Duke Energy and its subsidiaries had 180 utility-scale solar projects in 16 states and can generate more than 10,000 megawatts of electricity from wind and solar.
In fact, the company plans to invest $75 billion over the next decade on grid modernization alone. Shifting electricity away from times when customer demand for energy is high – known as “managed charging” – is one of the best ways to meet load growth and manage demand on the grid.
The 2024 RFP has the following target: 2024 RFP: 1,585 MW of solar resources, including 535 MW of solar-only resources and up to 1,050 MW of solar paired with approximately 400 MW of battery storage, subject to a VAM described in the 2024 RFP Pre-Issuance Proposal document.
Overview. The Cooperative College (3-2) Program enables students to proceed directly from three years of undergraduate study at a partner school to two years of study in the Nicholas School's Master of Forestry or Master of Environmental Management program.
Eligibility. Middle and high school teachers, rising junior and senior high school students, preferably rising seniors, and undergraduates are encouraged to apply. No prior experience in research is necessary. Applicants only need to demonstrate strong academic performance and an interest in science.
This eight-week program features weekly interactive nutrition, exercise, behavioral change classes, weekly group exercise sessions, and individualized nutrition and exercise plans. Our experts work with you to eliminate the frustration, confusion, and deprivation that often accompany weight loss attempts.
Program II is not a major, but rather an individualized degree program. Students admitted to Program II examine and explore an area of scholarship by designing their own unique program of study and fulfilling its requirements. Our program complements the majors offered under Program I.
Introduction: My name is Terence Hammes MD, I am a inexpensive, energetic, jolly, faithful, cheerful, proud, rich person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
