From the grocery store to the gas pump, South Carolinians are feeling the pinch of rising costs of many of the products we rely on every day.
Unfortunately, that’s true with electric bills as well. Fuel accounts for a significant portion of our cost to produce the energy that powers South Carolina homes and businesses, so when there are volatile energy markets, it can have a big impact.
As air-conditioning systems run longer to beat the summer heat, electric bills will increase. We expect that to continue until fuel prices normalize, so I wanted to share more details on why bills are rising and where you can go for help.
Why energy prices are climbing
Over the past year, costs for the fuel Duke Energy uses to produce energy have more than tripled. In fact, due to global demand and tight fuel supplies, our industry is seeing the highest sustained fuel prices in a decade.
The good news is these are not permanent rate increases. Fuel costs rise and fall, and we pass those costs to our customers without markup, so they pay what we pay. Our priority is to purchase fuel at the best possible price, through steps such as long-term contracts and using a diversity of suppliers.
And in South Carolina, more than half of our energy comes from nuclear power. Stability in the price of nuclear fuel helps reduce energy bill impacts here compared to other areas of the country. That’s why maintaining a diverse, all-of-the-above energy mix is critical for reliability and affordability.
Where to go for help
If you are struggling to pay your energy bill, you might qualify for assistance from various government and nonprofit programs that help with utility bills and other household expenses. You can learn about agencies that serve our community by dialing 211, texting “electric” to 211211, or visiting sc211.org online. This free service helps connect South Carolinians to local agencies supplying aid for a wide range of needs, including help with energy bills.
Duke Energy also offers programs and resources to help our customers experiencing uncertainty, including flexible payment options and the Share the Light Fund, a Duke Energy program that provides energy assistance for those in need. Learn more by visiting duke-energy.com/home/billing/special-assistance.
Duke Energy also offers energy-saving tips and innovative efficiency programs for every budget to help customers take control of their energy use. For example, the Home Energy House Call is a free in-home energy assessment that provides customers more information about how they use energy and strategies to save money on their monthly bill. To learn more about these programs, visit duke-energy.com/savings.
We know that higher electric bills can be a hardship for many, and we work hard every day to keep your energy prices as low as possible. If you need assistance, please know resources are available – and we’re here to help.
Theo Lane
Government and Community Relations Manager
Duke Energy
