Duke Energy to remove cost recovery charge from customers’ bills a month early

Duke Energy Florida is removing its storm cost recovery charge from customers’ bills one month earlier than originally planned.

The charge was added to customers’ bills to help Duke offset additional costs associated with the company’s $1.1 billion response to Hurricanes Debby, Helene and Milton.

The change means that beginning in February, rather than March, Duke customers in Florida will see an approximately $33 reduction to their monthly bills compared to January per 1,000 kilowatt-hours used.

Commercial and industrial customers’ bills will drop anywhere from 9.6% to 15.8% when compared to January, the amount of which depends on several factors, the company said.

“We understand all of our customers have been affected by the rising costs of living, many may be facing financial challenges, and some are even having to decide which bills they can afford to pay every month,” Duke Energy Florida State President Melissa Seixas said. “It was important to us that our customers get this significant rate relief as soon as possible while we continue to deliver the safe, reliable power they expect and deserve.”

More savings are on the way in March, too. Residential customers can expect to see an approximately $11 decrease per 1,000 kilowatt-hours used per month as a result of seasonal decreases Duke institutes annually from March through November to help customers save money during times when electricity use is higher due to higher temperatures.

That means in March, residential customers will enjoy a combined savings of $44 per 1,000 kilowatt-hours used on their bills compared to January.

The latest round of savings come after Duke Energy Florida made efficiency improvements at many of its natural gas plants, saving customers $340 million in fuel costs, translating to a savings on average of about $10 on customers’ monthly bills.

Additionally, Duke recently completed three new solar energy sites, collectively saving customers $750 million from displaced fuel costs. The company also passed on $65 million in Inflation Reduction Act tax credits to customers, saving them about $2.50 per kilowatt-hour used.

While costs are on the decline, Duke Energy also offers flexible payment plans for those who may need a little help. More information about the program is available on the company’s website.